The communications agency representing Vadym Iermolaiev has issued its first public statement following Monday night’s bomb attack in Monaco, condemning what it describes as a “barbaric act” while rejecting international reporting that has described the Ukrainian-born businessman as an oligarch.

Issued by Silver Eye Communication Agency, the statement confirms that Vadym Iermolaiev and members of his family were injured in Monday evening’s explosion outside a residential building in Monaco. It also reveals for the first time that one of his children was among those hurt.

“The use of an explosive device in an attempt on a person’s life is a barbaric act that has no place in any civilised society,” the statement says. “The fact that Mr Iermolaiev’s child was also injured makes this crime particularly shocking.”

The agency also appealed for restraint as Monaco authorities continue their investigation.

“As the criminal investigation has only just begun, we urge journalists and media outlets to act responsibly,” it said. “Numerous photographs, assumptions and unverified allegations are already circulating online. We respectfully ask the media to refrain from speculation and to allow the authorities to establish the facts.”

Monaco’s Prosecutor General, Stéphane Thibault, has already confirmed that investigators are treating the explosion as a targeted attempted homicide rather than an act of terrorism. Police continue to search for the suspect, who is believed to have fled into neighbouring France.

Responding to his public profile

A significant portion of the statement seeks to challenge the way Iermolaiev has been portrayed in international media coverage since the attack.

Most international news organisations, including Reuters, AP, FT, The Guardian and Le Monde have described him as a Ukrainian-born oligarch who made his fortune through the Alef Group, a diversified business with interests including commercial real estate, manufacturing and agriculture. He was sanctioned by Ukraine in 2023 over alleged business activities in Russian-occupied Crimea, allegations he has denied.

“Mr Vadym Iermolaiev is not an oligarch. He has never held political office, never controlled strategic sectors of the Ukrainian economy, never enjoyed a monopoly in any industry and has never been part of Ukraine’s political establishment,” said his representative.

Instead, the agency describes him as “An entrepreneur and investor who built a diversified business over more than two decades in real estate, manufacturing and investment, creating thousands of jobs and contributing to the development of the city of Dnipro.”

The statement also says Iermolaiev “left Ukraine in full compliance with Ukrainian law” and now legally resides in Monaco, “where he lives from passive investment income and pursues his long-standing interest in art collecting.”

It was confirmed on Tuesday that Iermolaiev obtained Monaco residency in 2021.

Disputing the sanctions

Ukrainian President Volodymyr Zelensky introduced sanctions on Iermolaiev in December 2023 following recommendations from Ukraine’s Security Service (SBU), which alleged that Iermolaiev had continued business activities in Russian-occupied Crimea after Russia’s annexation of the peninsula. Ukrainian media have also included him among the so-called “Monaco Battalion”, an informal label applied to wealthy Ukrainians living abroad during the war.

His representatives insist those allegations remain unproven.

Monaco authorities have not commented on the contents of the statement, as the investigation into who is responsible for planting Monday night’s explosive device.

See also: 

Monaco bomb attack “not act of terrorism” says prosecutor general, as suspect remains on the run

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Photo of scene taken from video by @rawad_chaaban instagram