Prosecutors from the Special Anti-Corruption Prosecutor’s Office (SAP) have submitted an indictment to court regarding members of a criminal organization allegedly headed by Dmytro Sennichenko, the former head of the State Property Fund of Ukraine (SPFU). The case involves the large-scale embezzlement of more than 700 million UAH from strategic state-owned enterprises and the laundering of illicit proceeds exceeding 10 billion UAH.
Detectives from the National Anti-Corruption Bureau (NABU) and SAP prosecutors originally exposed the embezzlement scheme in March 2023. According to law enforcement agencies, the criminal network actively operated between 2019 and 2021.
The organization was created to establish total control over critical assets managed by the State Property Fund. The main targets were two major state enterprises: PJSC Odesa Port Plant (OPZ) and JSC United Mining and Chemical Company (UMCC).
Investigators established that the execution of the scheme began in late 2019. To control operations, key management positions within the state enterprises were filled with subservient individuals tasked with executing instructions from the organization’s leaders and diverting state resources for private gain.
Beyond formal appointments, shadow «back-offices» were established at the enterprises. Individuals operating within these back-offices were not official employees, yet they effectively managed daily business operations—dictating contract terms, selecting favored tender winners, and manipulating product pricing.
«According to the investigation, members of the organization not only embezzled over 700 million UAH in state funds, but also ensured their transfer abroad and the laundering of assets exceeding 10 billion UAH,» the SAP reported.
The Odesa Port Plant suffered the heaviest financial damage. Due to the actions of the scheme’s participants between May 2020 and October 2021, the enterprise lost more than 600 million UAH in expected revenue.
An additional 111 million UAH in losses was inflicted through operations involving UMCC. Members of the organization signed four contracts with a controlled foreign entity, ensuring the shipment of valuable titanium raw materials at intentionally deflated prices.
Funds derived from these illegal schemes were funneled abroad to acquire high-value assets. Through international cooperation, Italian authorities seized a luxury yacht valued at 5.5 million euros belonging to one of the key figures in the criminal organization.
The pre-trial investigation into the embezzlement of state funds has concluded, and the indictment has been formally sent to court for trial on the merits.