The Commercial Court of Ivano-Frankivsk Oblast has opened bankruptcy proceedings against LLC Karpatnahatokhim following a lawsuit by state-owned Ukreximbank over a 1.3 billion UAH debt. Amid ongoing court battles, questionable equity deals, and searches targeting figures in the case, the petrochemical giant has halted salary payments and now poses a severe environmental risk to the region.
Bankruptcy proceedings under case No. 909/61/26 officially opened on February 27, 2026. State-owned JSC Ukreximbank initiated the action based on a 2021 credit agreement, claiming 1.3 billion UAH in debt. LLC Kostanza (owner of the Kalush Thermal Power Plant) later joined the case, demanding 323 million UAH for supplied energy resources.
Total creditor claims against the enterprise have exceeded 1.6 billion UAH. The court appointed Oleh Bosak as the receiver to manage the assets. As of summer 2026, the process remains at the asset management stage, with no decision yet rendered regarding liquidation or financial rehabilitation.
Key Fact: LLC Karpatnahatokhim holds total estimated assets of 4.68 billion UAH against declared creditor claims of 1.6 billion UAH.
Until 2017, the enterprise was controlled by the Russian company Lukoil before being sold for $25 million. In August 2022, following Russia’s full-scale invasion, a Ukrainian court froze the plant’s corporate rights and 35 real estate properties valued at over 2.3 billion UAH over suspicions of a 5 billion UAH money-laundering scheme via Russian shell companies.
This asset freeze remained in place until December 2023, when it was lifted by a court order in Mykolaiv Oblast. By June 2024, the company’s ownership structure underwent a dramatic shift:
XEDRIAN HOLDING LIMITED (Cyprus, Ilham Mamedov) — 34%
TECHINSERVICE LIMITED (UK, Ihor Schutskyi) — 33%
ZNVIF Herion World (Ukraine, Andriy Veselyi) — 33%
Herion World acquired its 33% stake for 35 million UAH (under $1 million USD), despite journalist investigations valuing that share at over $60 million. Financial statements indicate these funds were borrowed from an undisclosed lender.
Alongside these ownership changes, law enforcement agencies (SBU and National Police) conducted investigative actions in June 2026 against Vasyl Veselyi—brother of shareholder Andriy Veselyi—under Article 209 of the Criminal Code of Ukraine (money laundering). No formal charges have been filed to date.
Earlier, Ukrainska Pravda released audio recordings featuring Vasyl Veselyi discussing plans to consolidate control over Karpatnahatokhim and leverage legal channels against disagreeing co-owners. Additionally, between 2023 and 2025, Veselyi served as an advisor to the head of the supervisory board at state-owned Sense Bank.
While corporate and legal battles continue, physical operations at the plant have ground to a halt. Wage arrears reached nearly 220 million UAH by July 2026, with regular payments completely frozen since January, leading to mass layoffs.
The situation poses an immediate threat to the local ecosystem: Karpatnahatokhim operates key wastewater treatment facilities serving parts of Kalush. A shutdown of these facilities presents a major risk of environmental contamination across the Dniester River basin, driving up social tension throughout the region.