The Asset Recovery and Management Agency (ARMA), at the request of the Economic Security Bureau (ESB), has traced the assets of individuals involved in embezzlement schemes in the energy sector of Ukraine.

The pre-trial investigation established that:

officials of a state-owned joint-stock company entered into a contract for the purchase of supplies without holding an open tender. Acting in collusion with representatives of private companies, the offenders violated the established procedures and caused damage to the state in excess of 30 million UAH.

Based on a thorough analysis conducted by the Department of Finding, Tracing and Management of Financial and Other Assets of the ARMA, the following was revealed

- authorized capital worth over 883 million UAH

- 156 non-residential and 48 residential real estate objects

- 516 units of motor vehicles

- 510 units of agricultural machinery

- 18 506 heads of livestock

- 2,708 cubic meters of wood

- more than 179 thousand tons of grain products

“At a time when Ukraine's energy infrastructure is the number one target for enemy attacks, embezzlement in this area is a particularly cynical crime. ARMA, together with law enforcement agencies, is making every effort to identify and return the assets obtained through criminal means to the state. This is critical to maintaining our energy security and defense capabilities,” commented Pavlo Velykorechanin, Deputy Head of ARMA.

He added that this example once again demonstrates the importance of interagency cooperation in combating economic crimes, especially in strategically important sectors of the economy.

All the necessary materials have already been submitted to the BES for further action, including seizure of these assets.