Ukrainian Anti-Corruption Agency Suspects Ex-Naftogaz CEO Embezzled $6Mln

Ukrainian National Anti-Corruption Bureau (NABU) on Thursday notified former chief executive officer of Ukraine's largest national oil and gas company Naftogaz that he was under suspicion in a 229 million hryvnia ($6.2 million) embezzlement case

MOSCOW (UrduPoint News / Sputnik - 19th January, 2023) Ukrainian National Anti-Corruption Bureau (NABU) on Thursday notified former chief executive officer of Ukraine's largest national oil and gas company Naftogaz that he was under suspicion in a 229 million hryvnia ($6.2 million) embezzlement case.

"On Jan. 19, 2023, NABU and SAPO (Specialized Anti-Corruption Prosecutor's Office) notified the former Naftogaz of Ukraine board chair of suspicion of misappropriating over UAH 229 mln in 2018. His actions fall under Part 5 Art. 191 of the Criminal Code of Ukraine. As established, the Naftogaz CEO (2014-2021), in May 2018, illegally issued an order to reward the company's employees, under which he was paid almost UAH 261 mln (equivalent to USD 10 mln) for extraordinary achievements," the anti-corruption agency said in a statement.

NABU did not specify the suspect's name, however, from 2014-2021 the position of Naftogaz CEO was held by Andriy Kobolyev.

The prosecution believes that the suspect illegally received over 229 million hryvnia in 2018, based on the difference between the paid reward and a payment ceiling.

The Ukrainian government terminated its contract with Kobolyev as Naftogaz CEO in April 2021 over the company's unsatisfactory performance in 2020 and appointed Yuriy Vitrenko, who served as energy minister at the time, the new chairman of the board. Losses of Naftogaz in 2020 amounted to 19 billion hryvnia, while the company expected profit of 11.5 billion hryvnia.