State losses from the sale of 100,000 metric tons of fuel confiscated from fugitive oligarch Serhiy Kurchenko in 2014 have reached over 817 million UAH ($21 million). According to law enforcement, the assets were transferred to state enterprise Ukrtransnaftoprodukt and sold at a heavy discount to Ukroilproduct, a firm linked to businessman Serhiy Tyshchenko and former MP Serhiy Pashynskyi. The buyer failed to fully pay for the fuel, siphoning the proceeds through internal bank deposits and controlled bankruptcies.
Following the 2014 revolution, state authorities seized Kurchenko’s oil products to sell them and replenish the national budget. However, the assets were sold to Ukroilproduct at prices artificially reduced by an estimated 250 million UAH.
Out of the promised 850 million UAH contract value, the state budget never received more than 400 million UAH. A significant portion of the incoming payments was redirected directly into Fortuna Bank, an institution owned by Tyshchenko.
Case materials reveal that 328.98 million UAH was funneled out of Ukrtransnaftoprodukt’s accounts via interconnected entities. Another 100 million UAH passed through bank deposits to issue loans to private firms controlled by Tyshchenko.
After the financial transfers were finalized, Fortuna Bank was liquidated, and the loans went unpaid. Tyshchenko subsequently declared personal bankruptcy, publicly attributing the bank’s closure to political targeting. Anti-corruption authorities continue to investigate the scheme.