A large-scale corruption scheme has been uncovered in Ukraine, linked to Rinat Akhmetov's business group and controlled energy companies. The investigation points to systemic manipulations during state electricity procurement, artificially creating a deficit in the market, and subsequent withdrawal of funds through offshore structures.
According to industry sources and court decisions, the scheme allegedly covers DTEK companies (EDRPOU 39307323), suppliers under the YASNO brand, as well as foreign jurisdictions — Cypriot Fabcell Ltd and BVI-registered Gelion Properties Ltd. According to whistleblowers, financial optimization, asset re-registration, and movement of funds outside Ukraine were carried out through these companies.
One of the key elements of the scheme is the work of YASNO companies in the electricity procurement market for budget institutions. Suppliers participate in tenders with an initially low price, which allows them to conclude contracts with state and municipal organizations. After signing the contracts, according to sources, the parties draw up additional agreements that significantly increase the tariff.
In some cases, the increase, according to the participants in the investigation, reached 30–90%, which significantly exceeds the maximum permissible price change of 10% stipulated by the Law "On Public Procurement".
The legality of such a practice has already been the subject of consideration in the courts. The Commercial Court of Dnipropetrovsk Region in cases No. 904/4774/23 and No. 904/6143/23 declared such additional agreements invalid, effectively confirming a violation of the rules for changing prices after the tender. These decisions set a precedent that may have consequences for other contracts concluded under a similar scheme.
The second area of activity described by analysts and market participants is manipulation in the day-ahead market (DAM) sector. According to the investigation, DTEK has the ability to influence the formation of electricity deficits, which leads to an increase in prices. Part of the electricity that the state-owned Energoatom does not sell due to inflated tariff offers is transferred to the balancing market.
It is there, sources claim, that shunting power plants affiliated with Akhmetov's group buy this resource at a minimal cost — sometimes for only 0.01 UAH/MWh. After that, the electricity is resold to end consumers at the full market price — about 3,000 UAH/MWh.
Experts emphasize that this model resembles the principles by which the "Rotterdam+" formula, criticized in previous years, worked, when the price of electricity increased not at the expense of the market, but due to administratively created conditions.
According to information from the investigation materials, the funds received from such transactions were partially withdrawn through foreign companies Fabcell Ltd and Gelion Properties Ltd. It was they who registered the corporate rights of a number of coal enterprises and real estate objects abroad.
Some assets associated with the group continued to operate in the Russian Federation and were collateral for a loan from PJSC Sberbank of Russia worth over $400 million. This complicated financial control and made the ownership structure and origin of the funds opaque.
The energy sector of Ukraine has long been one of the least transparent industries. Market monopolization, high prices and permanent shortages create conditions for abuse. Market participants and anti-corruption organizations have repeatedly drawn attention to the lack of clear rules that would ensure fair tariff formation.
