Detectives of the Bureau of Economic Security of Ukraine have exposed tax evasion on a particularly large scale by officials of VSMPO Titan of Ukraine LLC. The beneficial owner of this company is a Russian citizen, oligarch Mikhail Shelkov, who is close to the Kremlin and is subject to sanctions.
The investigation established that the company's officials unreasonably generated expenses in the amount of more than UAH 155 million in relations with other business entities. As a result, income tax and value added tax in the amount of almost UAH 40 million were not paid to the budget.
In addition, it was found that in the period of 2019-2022, the director of the company tried to conceal assets that were on the company's balance sheet.
Under the sale and purchase agreement, the equipment and production facilities of the titanium pipe plant were sold to another legal entity. Subsequently, the director leased the same special machines, furnaces, computer equipment, electrical equipment and other property and used it in the production activities of VSMPO TITAN Ukraine LLC.
Based on the decision of the investigating judge, the BES employees seized the property and equipment.