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Another large-scale misappropriation scheme uncovered at Ukrtatnafta

The suspect is hiding abroad.

Another large-scale misappropriation scheme uncovered at Ukrtatnafta
Photo: SBU

The Security Service of Ukraine (SBU) and the Bureau of Economic Security (BES) have uncovered yet another significant case of embezzlement involving UAH 600 million from Ukrtatnafta, a company associated with its former supervisory board member Mykhaylo Kiperman, a business partner of Ihor Kolomoyskyy.

According to the SBU, Kiperman played a key role in orchestrating the illegal withdrawal of the funds from Ukrtatnafta's accounts. The embezzlement took place on the same day that Russia launched its full-scale invasion of Ukraine, suggesting that the perpetrators hoped to evade accountability amidst the chaos.

The fraudulent scheme involved Ukrtatnafta transferring UAH 600 million to a European company under the control of the suspects. The funds were supposedly intended for payment to a supplier for previously chartered crude oil, which was already in the port of Odesa and destined for processing at the Kremenchuk refinery. However, the criminals altered the payment recipient details in a "clone agreement," diverting the money to their controlled company instead of paying the legitimate supplier.

Kiperman, identified as the actual owner of the non-resident company that received the UAH 600 million, faces suspicion under three articles of the Criminal Code of Ukraine related to misappropriation, illegal actions with financial documents, and forgery. The investigation into the case is ongoing.

The SBU has revealed that Kiperman is currently a fugitive from justice abroad, prompting authorities to consider whether to issue an international arrest warrant for him.

In a separate development, the BES has served a notice of suspicion to a former acting first deputy chairman of Ukrtatnafta, accusing him of misappropriating fuel worth UAH 2 billion.

Previously, the SBU had apprehended the chief accountant of Ukrtatnafta, who was a suspect in the case of UAH 40 billion misappropriated by the company's former management. The suspect was discovered hiding in Uzhhorod District of Transcarpathian Region.

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