The ex-head of the State Property Fund is accused of embezzling UAH 500 million of Odesa Port Plant and UMCC funds

NABU exposed a criminal group led by the former head of the State Property Fund, which appropriated the assets of state-owned enterprises in the amount of over UAH 500 million .

According to  the investigation , the criminal organization operated with the funds of state enterprises in the period 2019-2021. Among other things, we are talking about the largest chemical enterprise in Ukraine, Odesa Port Plant JSC, and one of the world’s largest producers of titanium raw materials, United Mining and Chemical Company JSC.

During the mentioned time, Dmytro Sennychenko was the head of the State Property Fund.

Nine other participants in the criminal proceedings were notified of the suspicion:

• a person close to the head of the State Property Funds who is considered a co-organizer of the crime;

• advisor to the head of the Federal State University;

• two persons who at different times held the positions of acting directors of JSC “Odesa Port Plant”;

• Acting director of JSC “United Mining and Chemical Company”;

• two owners of LLC, winners of the auction at “Odesa Port Plant”;

• two more natural persons whom the investigation considers complicit in the crime.

• It is noted that the criminal group was created in order to take control of the most important objects of management of the State Property Funds in such economic sectors as mining, processing, fuel and energy, etc.

In essence, the organized crime syndicate members sought the appointment of their proteges to the management bodies of state-owned enterprises, whose vision was the sale of raw materials, the provision of services and the use of state resources. All this, according to the investigation, was done purely for the benefit of the criminal group.

Contracts were concluded with companies controlled by criminals, the terms of which were unfavorable to the state and at the same time allowed the participants of the conspiracy to obtain an undue benefit.

The SAP believes that due to the efforts of Sennichenko, persons under his control were appointed to the management bodies of JSC ” Odesa Port Plant “, which allowed them to seize the funds of JSC ” Odesa Port Plant “. The aforementioned contracts provided for the processing of the customer’s raw materials at an undervalued price.

As a result, from May 2020 to October 2021, the losses of JSC “Odesa Port Plant” amounted to UAH 390,970,234.

Losses from four contracts of JSC “UMCC”, which provided for the shipment of titanium raw materials at an undervalued price, amounted to UAH 118,337,425.

Suspects can be sentenced to up to 12 years in prison with confiscation of property.