Copyright © 2024 Euromaidanpress.com

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

Ukraine exposed embezzlement of USD 1 bn by oligarch’s oil companies

Ukraine exposed embezzlement of USD 1 bn by oligarch’s oil companies

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.

Sunset of the oligarchs: Ukraine’s war-time nationalization of strategic enterprises rectifies past sins

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here


    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts