The beneficial owner and three officials of an energy company from the northern region of Ukraine have been suspected of misappropriating funds from the enterprise amounting to 68 million hryvnias. This was reported by the Office of the Prosecutor General.
This is reported by Finway
Scheme for diverting funds through a fictitious advisor
According to the investigation, the individuals organized a scheme that allowed them to avoid paying dividends to the state and illegally withdraw money from the company. One of the founders, who was sanctioned by the National Security and Defense Council in 2025, registered himself as an advisor to the head of the company. The employment conditions included a monthly salary of 1 million hryvnias, the possibility of remote work, and only four hours of actual activity per week.
“The money that could have been used to strengthen the energy system of the Sumy region was spent on paying the ‘fictitious advisor.’
The salary of the ‘advisor’ was 5-7 times higher than the maximum levels set by the National Commission for State Regulation in the Spheres of Energy and Public Utilities (NERC). From 2020 to 2024, the company incurred losses of nearly 68 million hryvnias, as confirmed by expert studies.
Charges and criminal liability
Law enforcement agencies do not disclose the name of the company or the names of the suspects, but the Security Service of Ukraine clarifies that it concerns an enterprise, 25% of which belongs to the Ministry of Energy. The investigation established that the creation of a fictitious position allowed circumventing sanctions regarding the withdrawal of capital from energy enterprises in Ukraine.
The sanctioned businessman has been charged in absentia with organizing embezzlement, misappropriation of property, or obtaining it through abuse of office. Three executives of the energy companies are suspected of complicity in these offenses. If found guilty, the suspects face up to 12 years in prison with confiscation of property.
The investigation is being conducted by the Security Service of Ukraine and the Bureau of Economic Security.