Audit reveals how Ukrvuhillya lost more than 150 million through schemes
7 February 12:26
During the audit of the financial activities of the state-owned enterprise Ukrvuhillya, specialists of the Northern Office of the State Audit Service found numerous violations that led to significant financial losses. This was reported by Komersant ukrainskyi with reference to the State Audit Service.
The main problem was the scheme of selling coal products through private intermediary companies, which significantly reduced the state-owned enterprise’s profits.
“During the audit of Ukrvuhillya’s financial activities, experts from the Northern Office of the State Audit Service found that the company sold coal products to private entities, which then resold them to consumers at a markup,” the report says.
How did Ukrvuhillya lose millions?
According to the audit, Ukrvuhillya sold coal to private entities, which subsequently resold it to end consumers at a substantial markup.
As a result, the state lost the opportunity to receive additional UAH 108 million in revenue.
Procurement through intermediaries: another UAH 22.5 million in losses
In addition to the uncontrolled resale of coal, auditors found other violations.
In particular, the company purchased coal not directly from coal mining companies but through intermediary firms.
This led to an unjustified increase in the cost of production and additional expenses of UAH 22.5 million.
Additional losses of UAH 19 million and referral of the case to the State Bureau of Investigation
The audit also showed that Ukrvuhillya entered into contracts that were contrary to the company’s interests, which led to the misuse of more than UAH 19 million.
In total, the amount of financial irregularities identified amounted to almost UAH 150 million.
All audit materials have been forwarded to the State Bureau of Investigation for further consideration and possible criminal liability of officials.
