EKO OPTIMA group of companies , which is controlled by Zinovii Kozytskyi, the father of the current chairman of Lviv OVA Maksym Kozytskyi, actively uses tax optimization, working through a network of Cypriot offshore companies. They manage wind and solar power plants in the Lviv region and receive state financing through loans from Ukreximbank and Ukrgasbank. Maksym Kozytsky himself acts as a guarantor for one of the loans, which adds to the scandal of the situation.
According to the publication of the ex-chairman of Poltavanaftogazgeology , Gennadiy Sikalova, companies of the ECO OPTIMA are structured through a number of Cypriot offshore companies, in particular through ZMS ENERGEE LIMITED , which controls other offshore structures, such as IVENA LIMITED , DERAVEST , POLIVEST , and ZMS HOLDING . According to Sikalov, the purpose of such a structure is not so much asset protection as tax optimization.
How do the Kozytsky offshores work?
It is known that IVENA LIMITED served as a "financial hub" for the Kozytskyi's business until 2019. Payments from Ukrainian companies through this offshore made it possible to withdraw profits from taxation, as well as to make "loans" to Ukrainian companies through Cypriot structures. This made it possible to reduce the tax base in Ukraine. In the period from 2020 to 2022, more than 20 million euros passed through this offshore.
Loans from state banks: what does it mean?
Another important aspect is the loans that Kozytsky's companies received from Ukreximbank and Ukrgasbank for a total amount of at least 57 million euros. The value of the loans is supported by a guarantee from Cypriot offshore companies, as well as from Maksym Kozytskyi himself. Thus, one of the loans was guaranteed by the head of the Lviv OVA, which adds to the question of conflict of interests and corruption risks in conditions where the incumbent official is directly related to the financing of private business structures.
As Sikalov emphasizes, such an offshore structure allows the Kozytskys to avoid paying hundreds of millions of hryvnias in taxes. At the same time, according to him, Maksym Kozytskyi has a direct influence on these companies, which raises the question of a possible conflict of interests. According to Ukrainian legislation, current officials do not have the right to manage assets related to their activities.
According to the latest financial statements of Cypriot companies, Kozytskyi is a related person, which gives him the opportunity to influence their key decisions. However, these obligations were not reflected in his declaration, which reinforces suspicions of corruption schemes and violation of legislation.
