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Ukraine's Anti-Corruption Bureau looks for 3 suspects in electricity seizure case

by Vladyslav Kudryk January 25, 2024 3:30 PM 1 min read

Transmission towers and power lines near a missile-damaged high-voltage electricity substation, operated by NPC Ukrenergo, in central Ukraine, on March 1, 2023. (Andrew Kravchenko/Bloomberg via Getty Images)

This audio is created with AI assistance

The National Anti-Corruption Bureau of Ukraine (NABU) said on Jan. 24 that it was searching for three suspects in connection with the seizure of electricity from energy operator Ukrenergo and the legalization of the proceeds from its sale.

NABU said that those searched were the organizer of the scheme and private company director, Mykhailo Kiperman, the director of a Ukrenergo department, Dmytro Kondrashov, and the chairperson of the board of a commercial bank, Yulia Frolova.

Frolova chairs Alliance Bank, while Kiperman is arrested oligarch Ihor Kolomoisky's business partner.

The scheme, which allegedly caused Ukrenergo to suffer losses of over Hr 716 million ($19 million), was exposed by NABU and Specialized Anti-Corruption Prosecutor's Office (SAPO) on Jan. 11.

The High Anti-Corruption Court ordered Kiperman's arrest in absentia on Jan. 24.

An audit of Ukraine's state-owned energy company Centrenergo completed in November found a number of financial discrepancies, as well as lengthy and unjustified delays in repair work for damaged energy infrastructure. The financial discrepancies amounted to Hr 5.5 billion ($146 million).

Author: Vladyslav Kudryk

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