The Security Service of Ukraine (SBU) exposed large-scale embezzlement schemes of UAH 40 billion ($1.1 billion) by the former management of two oil companies, Ukrtatnafta and Ukrnafta, SBU reported.
In September 2022, Ihor Kolomoiskyi, Ukraine’s best-known oligarch, sanctioned by the US, lost shares in two oil companies, Ukrtatnafta and Ukrnafta, after Ukraine nationalized one of the biggest oil production companies, gas station networks, and Ukraine’s largest oil refinery in Kremenchuk.
As part of the investigation, the SBU together with the Bureau of Economic Security conducted a series of searches. They were carried out at the place of residence of the actual owners and top management of the companies in different oblasts of Ukraine. In particular, the searches were carried out at the home of oligarch Ihor Kolomoiskyi in Dnipro.
It was established that illegal mechanisms were combined with tax evasion and legalization of funds obtained through criminal means. Currently, 10 episodes of criminal activity are being documented as part of criminal proceedings.
In particular, they include the transfer of large batches of oil products to affiliated companies, tax evasion by the companies, and artificial debt creation for the oil refineries and oil production plants, which led to the depreciation and reduction of the value of their assets.
According to the investigation, such criminal activity was carried out in the interests of the actual owners and beneficiaries of the companies. Suspicions of criminal offenses have been announced.