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Vadim Novinsky was informed about corruption schemes in strategic energy companies

Ukraine

Shareholder of JSC Kharkoblenergo and PJSC Kharkovenergosbyt Smart Holding declares the disruption of preparations for the privatization of energy companies and corruption schemes.

Vadim Novinsky was informed about corruption schemes in strategic energy companies

On April 28, remote general meetings of shareholders were held in two large energy companies of strategic importance for the economy and security of Ukraine - the Kharkovoblenergo joint-stock company and the Kharkovenergosbyt private joint-stock company.

The voting of shareholders, including the state of Ukraine represented by the State Property Fund (SPF) with 65% of shares and Vadym Novinsky's Smart Holding with 29.79% of shares, was provided by the National Depository of Ukraine.

Following the consideration of the agenda of the general meeting of shareholders, the representative of Smart Holding voted, in particular, against the approval of the annual reports of the companies for 2019-2020, and also cast his votes for recognizing the work of the executive bodies of both companies for the same period as unsatisfactory. p>

By According to the press service of Smart Holding, the main negative of the annual meeting of shareholders was that Supervisory Boards were not formed in any of the companies.

“This happened as a result of meaningful and purposeful actions of the State Property Fund, which, as a subject of management of state property, ignoring the requirements of the current legislation, simply did not submit candidates for election to the Supervisory Boards of these joint-stock companies, which are of particular importance for the economy of Ukraine ", - reads the message of Smart Holding.

Vadim Novinsky's company believes that this situation was the result of close interaction of SPF officials with the existing management of energy companies, whose representatives appear in a number of criminal proceedings on the facts of misappropriation, embezzlement of property or taking possession of it by abuse of official position, committed by prior conspiracy by the group persons.

He noted that, according to financial analysts, the misappropriation of assets, fraudulent actions of the existing management and their operational inefficiency lead to an underestimation of the operating profit (EBITDA) of these companies with state ownership by at least 3 times compared to companies operating in the private sector.

According to the press service of Smart Holding, we can talk about losses in the amount of over 30 million US dollars a year, which later materialize into expensive cars and elite real estate of certain officials and officials from the state.

Help:

Smart Holding is one of the largest industrial and investment groups in Ukraine. The Group's interests are concentrated in industries that are key to the country's economy. The companies of the Group invest in the assets of the mining and metallurgical and oil and gas complexes, the banking sector, agriculture, shipbuilding, real estate and energy. Smart Holding (Cyprus) ltd. - the top holding company of the Group, which is established and operates under the laws of the Republic of Cyprus. Its beneficiary is Vadim Novinsky.

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