Ukraine’s budget lost UAH 50 million: top managers of Poltavaoblenergo suspected of embezzlement
16 June 23:01
Three executives of Poltavaoblenergo have been suspected of a UAH 50 million fraud. This was reported by "Komersant Ukrainian" with reference to the Bureau of Economic Security (BES).
It is known that the chairman of the board, his deputy, and the financial director of the joint-stock company were involved in the fraud. They developed and implemented a tax evasion “scheme”.
The investigation established that the top manager of Poltavaoblenergo used a controlled structure to legalize the purchase of electric transformers. Formally, the equipment was supposed to come from Turkey and cost almost UAH 275 million.
However, the audit showed that it was just a paper transaction. In fact, no such delivery took place, and all payment and settlement documents were generated with the sole purpose of inflating costs and thereby reducing the company’s tax base.
The officials used a specially created fictitious intermediary company. Payments were made through this entity, which helped to legalize the initially inflated expenses and reduce the amount of taxes paid to the budget.
Upon completion of the entire transaction, the controlled entity was officially liquidated to hide the traces of the fraud and avoid inspections by the controlling authorities.
As a result of these illegal transactions, the budget of Ukraine has so far lost tens of millions of hryvnias according to officially established data alone.
If the guilt of the suspected officials is proven in court, each of them faces a fine, restriction or even imprisonment.
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