The Security Service of Ukraine documented corruption schemes organized by the management of Sumyoblenergo JSC. The top management of the enterprise transferred over UAH 80 m (USD 2,8 m) to non-observed economy.

Allegedly, the company's management within the framework of an investment program was to carry out the reconstruction and restoration of the energy system of the region. The regulations of works were specified in the corresponding state documents of controlling bodies.

However, the SBU-initiated inspection concluded that the organizers did not actually perform 60% of the planned work. Instead, the allocated funds were diverted to the accounts of affiliated commercial entities. In this way, the perpetrators managed to illegally withdraw more than USD 2,8 m from the company's assets.

The SBU also documented that during 2017-2020 the same officials carried out a number of operations on purchase and sale of junk bonds. The SBU is checking the information that Sumyoblenergo top management laundered more than UAH 195 m (USD 6,9 m) through the deals with controlled commercial entities.

Currently, the SBU initiated the investigation for artificial raising of electricity tariffs for individuals and business to “compensate” the losses from the illegal transactions.

During searches of the suspects’ offices and offices of affiliated structures, the law enforcement seized off-the-book records and other documentation proving the illegal activities.

Within the criminal proceedings upon misappropriation, embezzlement or conversion or property by malversation, the law enforcement arrested contractors’ accounts.

The investigation is ongoing to identify all persons involved into the schemes and return the illegally spent funds of Sumyoblenergo JSC.

The operation was carried out by the SBU Office in Sumy region together with investigators of the Main Investigation Department of the National Police of Ukraine under the supervision of the Prosecutor General’s Office.