PIN-UP Global has issued a scathing response to the Ukrainian State Bureau of Investigation (SBI), and its use of war-time sanctions against its business.
The international tech group is currently laying out its defence in the wake of continued allegations by the SBI which accused its Ukrainian subsidiary, PIN-UP Ukraine (UKR Game Technology LLC), of alleged financial ties to Russia.
In February, the SBI brought charges of misconduct and high treason against PIN-UP Ukraine CEO, Ihor Zotko. The allegations saw PIN-UP’s Ukrainian assets frozen and operations suspended.
In a sharply worded statement, PIN-UP Global condemned the accusations as unfounded and warned of the broader impact on Ukraine’s business climate. “The sanctions imposed by Ukrainian authorities, following unsubstantiated accusations against our partner in Ukraine and the launch of court proceedings, were—unfortunately—to be expected.”
Highlighting growing concerns among international businesses, PIN-UP Global criticised the increasing use of Ukraine’s sanctions system to exert pressure on companies. “Regrettably, in recent years, the sanctions mechanism in Ukraine has increasingly been used as a tool to apply pressure on businesses, and this extends beyond the gambling sector,” the group stated.
On the front foot, Marina Ilina, CEO of PIN-UP Global, labelled the SBI’s investigation “absurd” and “dangerous,” warning that the case could establish a precedent in which routine commercial payments—such as royalty fees between software firms—are reclassified as national security threats.
“These accusations do not stand up to criticism. I am a Ukrainian and openly support my country. All the activities of my company are transparent and can be easily verified,” Ilina said.
PIN-UP Global maintains that the disputed payments were part of a software licensing agreement between its European entity, GuruFlow Team LTD, and the Ukrainian firm. It strongly denies any Russian links and asserts that no financial transfers were made to Russian entities.
In previous proceedings, PIN-UP underlined that the SBI has never been able to provide evidence or an explanation as to why it launched an investigation of its Ukrainian subsidiaries.
“We intend to show the European market, through our case, how Ukrainian law actually works—whether it truly protects businesses from raiding or facilitates it,” the company added, signalling its intent to use the legal process as a public test of Ukraine’s institutional integrity.
Despite operating under heightened scrutiny, the group has expanded significantly since the start of the war, increasing its global workforce by 350% to 4,000 staff across seven offices.
Leadership views the current proceedings as not only a defence of its own reputation, but a warning to others of SBI damaging the reputation of Ukraine’s business and technology sectors.
“These practices only undermine trust in Ukraine, its regulatory institutions, and the officials who, on the one hand, encourage investment in a country that urgently needs it to withstand military aggression, and on the other, block companies that are tax leaders and impose sanctions against them.”
Against the backdrop of war, the Ukraine government has implemented reforms to tighten oversight of its gambling sector. In March, the government established PlayCity as the new supervisory authority, with the Rada and Cabinet of Ministers pushing forward amendments to the 2020 Gambling Law.
Changes aim to centralise control over gambling transactions and customer engagement, signalling a broader shift towards stricter state regulation. Awaiting new resolutions, PIN-UP Global concluded: “We will not allow the reputation of a brand with over nine years of history as a trusted and transparent partner to be discredited.”
