Combating corruption: Director of Europe's only spongy titanium producer detained in anti-corruption drive in Ukraine

11:02 Sep. 24, 2016

Director of Europe's only spongy titanium producer detained in anti-corruption drive in Ukraine

Ukraine's National Anti-Corruption Bureau (UNIAN Photo)

Agents of the National Anti-Corruption Bureau of Ukraine (NABU) have detained the director of Europe's only spongy titanium producer, Zaporizhia Titanium and Magnesium complex (ZTMC), which is part of Dmytro Firtash's Group DF.

The operation was carried out in cooperation with the SBU Security Service division in Zaporizhia region and under the guidance of the Specialized Anti-Corruption Prosecutor's Office, the NABU press service said, UNIAN reports. 

Read also: Ukraine's Parliament authorizes arrest of judge, known for keeping bribes in glass jars

The detention was part of a larger investigation launched by NABU agents in June 2016 into the abuse of office by the industrial complex officials, which caused the large-scale embezzlement of funds, the NABU press service said.

The NABU suspects the director of committing crime under Part 5 of Article 191 of the Criminal Code of Ukraine (embezzlement of property or taking possession of it through abuse of office).

Investigators established that co-owner of the enterprise TOLEXIS TRADING LIMITED allocated UAH 880 million in 2014-2015 for the modernization of production facilities under an agreement on the establishment of LLC ZTMC on the basis on the combine. Yet, the ZTMC's director, abusing his official position, embezzled more than half of the received funds (UAH 492 million).

 Read also: More details revealed on Ukranian ex-official detained in Panama

The money was transferred to third parties, particularly, PJSC Holding Company Energomerezha, PJSC Zaporizhiaoblenergo, PJSC Commercial Bank Nadra, and LLC Syntez Resurs, as repayment of the plant's debts.

However, the debts had to be repaid by TOLEXIS TRADING LIMITED, which undertook this commitment when LLC ZTMC was created.

Should the director be found guilty, he faces imprisonment from 7 to 12 years with confiscation of property and deprivation of the right to occupy certain positions or engage in certain activities for up to three years.

comments powered by Disqus

RELATED NEWS

Crime18:01 Dec. 7, 2016
Militants' "gift" for the anniversary of Ukraine's Armed Forces
Crime17:09 Dec. 6, 2016
Fatal police shootout: everyone concerned have been interrogated
Crime16:41 Dec. 6, 2016
How Ukraine documented Putin's piracy in Black Sea (video)
Crime17:01 Dec. 4, 2016
Germany expects Russian cyber-attacks during elections
Crime13:34 Dec. 4, 2016
No further progress on forces' withdrawal registred in Donbas
Ukraine Today WEEKLY DIGEST
Subscribe to receive regular email updates about Ukraine and Eastern Europe
vk154998