The Security Service and the Economic Security Bureau have exposed a large-scale scheme to embezzle funds from Ukrainian energy companies controlled by one of the sanctioned businessmen.

The case involves the embezzlement of nearly UAH 68 mln (USD 1.5 mln) from the accounts of an energy company that is partially state-owned (25% of the company’s shares owned by the state, represented by the Ministry of Energy of Ukraine).

To get his hands on this money, the businessman, while abroad, set up a criminal scheme that involved the top management of the companies under his control.

They created a fictitious position for the suspect as an advisor to the company's chairman of the board, which supplies electricity from the main networks to end consumers. He was given a monthly salary of UAH 1.5 million.

This exceeded the maximum salary limit for energy companies set by the National Commission for State Regulation of Energy and Public Utilities by six times.

To prevent the sanctioned businessman from an ‘overload’ at work, the participants in the scheme set him a work schedule of only 4 hours per week.

Under this scheme, the organiser circumvented sanctions on the withdrawal of capital from enterprises in Ukraine’s energy sector.

Based on the evidence, the sanctioned businessman has been notified in absentia of suspicion under Article 27.3 and 191.5 of the CCU (organisation of embezzlement, misappropriation, or acquisition of property through abuse of official position, committed on a particularly large scale or by an organised group).

Three of his accomplices, heads of energy companies, have been notified of suspicion under Articles 27.2 and 191.5 of the CCU (complicity in the appropriation, embezzlement, or acquisition of property through abuse of official position, committed on a particularly large scale or by an organized group).

The suspects face up to 12 years in prison with confiscation of property.

Since the organiser of the scheme is outside Ukraine, efforts to bring him to justice are underway.

The operation was carried out under the procedural supervision of the Prosecutor General’s Office.