Violations amounting to tens of millions were uncovered at the state-owned enterprise Volynvuhillya
An audit of the state-owned enterprise “Volynvuhillya” revealed numerous violations related to the sale of equipment, coal accounting, the use of state property, and the calculation of payments to management. The auditors also noted significant wage arrears. As of early May, the enterprise’s debt to employees exceeded 137 million hryvnias.
According to the audit findings, strategic assets were being removed from the enterprise, control over coal production had effectively been lost, and certain transactions involving equipment showed signs of a lack of transparency.
Among the key violations, the auditors cited the sale of critically important equipment from the Buzhanska Mine at an undervalued price. The state spent 10.6 million hryvnias on the purchase and repair of this equipment, but in 2024 it was sold for 3.3 million hryvnias—three times cheaper.
Two private companies, linked through the same individual, participated in the auction. According to the audit findings, this calls into question the existence of genuine competition during the sale.
Currently, the state-owned mine is operating with equipment that does not belong to it. The owner is already demanding the return of the property, which creates a risk of production stoppages.
The audit also uncovered hundreds of tons of unaccounted-for coal in warehouses, valued at over 5 million UAH. This amounts to a volume equivalent to more than 14 railcars of coal that was not recorded in the documents.
The responsible officials refused to sign the audit report or provide explanations. A mobile enrichment plant operated by a private entity is located near the warehouses, as well as a waste rock dump purchased by the same company that acquired the equipment of the "Buzhanska" mine.
According to the audit, the movement of private transport was not recorded by the enterprise’s access control system. This creates risks of manipulation regarding the volume, quality, and sales of coal products.
This was reported by the Ministry of Energy.
Utility debt in Ukraine has exceeded 100 billion hryvnia—a record high.
Attempts are being made to challenge Ukrgasbank’s debt of 1.1 billion in court.
As a reminder, investors have responded positively to the United States’ new peace plan aimed at ending the war in Ukraine. According to the latest data, Ukrainian securities, including stocks, Eurobonds, and GDP warrants, showed growth on leading European exchanges. The most significant changes were observed in the WIG-Ukraine index, which recorded a 2.43% increase following the first rumors of the plan and an additional 3.86% after its publication.
