Bomber Who Targeted Ukrainian Tycoon In Monaco Identified, Manhunt Continues

Update: Earlier yesterday, Monaco authorities stated that a person was taken into custody - then released - in the probe of the blast that reportedly hurt Ukrainian tycoon.

However, a few hours later, prosecutors confirmed that they had identified the suspect in the bombing.

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As Chris Summers reported earlier via The Epoch Times, a manhunt is underway for a bomber after a Ukrainian businessman - who was sanctioned by Kyiv for alleged ties to Russia - and two other people were seriously injured in an explosion in the foyer of an upmarket apartment building in Monaco.

French media has identified Vadym Iermolaiev, a construction tycoon from Dnipro in central Ukraine, his wife, and his 13-year-old son as being the victims of the explosion, which took place on the evening of June 29.

Iermolaiev - who had renounced his Ukrainian citizenship and obtained a Cyprus passport - was sanctioned by Kyiv in June 2024 for allegedly selling vodka in Russian-occupied Crimea.

In a June 29 X post, the Monaco government said, "Tonight, shortly before 9 p.m., a violent explosion linked to a booby-trapped package was heard in the Principality not far from Place des Moulins."

"A suspect was spotted by the video surveillance system fleeing toward the municipality of Beausoleil on French territory," it added.

Prosecutor Stephane Thibault said on June 30 that the Monaco police had opened an attempted murder investigation, adding that it was not being treated as terrorism.

"In coordination with the French authorities, we are pursuing efforts to identify and apprehend him. I hope that will happen quickly, given the resources we are deploying," Thibault said.

Thibault said the female victim was in a life-threatening condition.

Monaco's ruler, Prince Albert II, described the bombing as "an odious act" and said the country had mobilized all its services to ensure security.

Christophe Mirmand, minister of state for Monaco, said the victims were "returning home peacefully" when the bomb exploded, citing surveillance footage.

"They were caught in the explosion as they crossed the threshold of their apartment building," he said.

"It appears that the family was specifically targeted."

He said surveillance footage suggested the suspect "had walked around the area several times while waiting for the victims."

'Unverified Allegations' Rejected

A public relations company, the Silver Eye Communications Agency, released a statement to Monaco Life in which it confirmed Iermolaiev was targeted but rejected media outlets' characterization of him as an "oligarch" and "unverified allegations" printed in numerous European newspapers.

"The use of an explosive device in an attempt on a person's life is a barbaric act that has no place in any civilized society," Silver Eye said.

"The fact that Mr. Iermolaiev's child was also injured makes this crime particularly shocking.

"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."

Monaco is a tiny principality on the Mediterranean coast with a population of only 38,000 - many of whom are wealthy foreign nationals attracted by its minimal taxes. The country is completely surrounded by France, which also defends it militarily under the terms of a 2002 treaty.

The Monaco government said two adults and a child were taken to a hospital in the nearby French city of Nice.

Silvano Ippolito, a neighbor who lives opposite the scene of the explosion in Place des Moulins, said he saw a young boy on the ground and immediately called his wife, a doctor, who treated the boy’s badly injured mother.

“She intervened very quickly, before the emergency services arrived, to apply tourniquets and perform mouth-to-mouth resuscitation, as the woman was losing consciousness,” Ippolito said.

Suspect Caught On Camera

A photograph of the suspect, published by French media, shows a man in a black jacket, light-colored pants, and white shoes running along while trying to conceal his face with a black bucket hat.

Iermolaiev founded the Alef Group, a conglomerate involved in commercial real estate, manufacturing, and agriculture.

He was heavily involved in reshaping downtown Dnipro before the war with Russia began in 2022.

In an interview with Forbes Ukraine, Iermolaiev said he had renounced his Ukrainian citizenship and became a Cypriot citizen in 2017. Cyprus is a European Union member, allowing him to live in France or Monaco.

In April, Iermolaiev's son Artur, 35, pleaded guilty in Estonia to fraud charges in relation to a 100 million euro ($114 million) phone call scam, and was given a suspended jail sentence, and ordered to pay an 8.5 million euro ($9.7 million) fine.

Ukrainian President Volodymyr Zelenskyy has not commented on the incident in Monaco.

The Ukrainian Foreign Ministry said its embassy in Paris, which is also responsible for Monaco, was liaising with the authorities in Monte Carlo, the capital of Monaco.