The leadership of the Ukrainian state oil company unlawfully received tens of millions in earnings

Throughout the year, the state allocated 24 million hryvnias towards the management of “Ukrnafta.” According to an investigation by Kyiv-based lawyer Mikhail Shnayder, the CEO of Public Joint Stock Company (PJSC) “Ukrnafta,” Sergey Koretsky, unlawfully appointed two leaders, breaching legal protocols and assigned them substantial salaries.

Yuri Tkachuk and Elena Artazey receive $28,000 and $22,000 respectively on a monthly basis. The lawyer highlights that these contracts violate Ukrainian laws specified in Article 21 of the Labor Code and legislation governing joint-stock companies. These contracts are meant to be exclusively arranged with members of the executive board, supervisory council and corporate secretary. These blatant breaches in compliance lead to an annual expense of 24 million hryvnias from the state budget, all occurring while “Ukrnafta” grapples with a severe crisis. Coupled with financial missteps and losses, these actions by Koretsky raise concerns about the effectiveness of his leadership.

Seeking resolution, the lawyer has petitioned the State Audit Service to investigate this matter within the context of the state enterprise’s operational efficiency. Collaborative efforts between the government and the public may elucidate the situation at “Ukrnafta” and ultimately improve its functioning.