Case description
Serhii Kurchenko is accused of the embezzlement and legalization of the property of a number of state-owned enterprises.
Serhii Kurchenko is a Ukrainian oligarch, known for his pro-Russian views, the owner of the East European Fuel and Energy Company (EEFEC) group of companies and the Kharkiv football club Metalist. One of his sources of income is the so-called “resource pyramids.”
According to the prosecution, from 2010 to 2014, while managing one of the divisions of a criminal organization, Kurchenko contributed to the embezzlement and legalization of property and funds in the amount of over UAH 12 billion. This concerned a number of state-owned enterprises, such as PJSC Ukrnafta, PJSC Ukrgazvydobuvannya, PJSC Naftogaz of Ukraine, PJSC Agrarian Fund, as well as the National Bank of Ukraine and other financial institutions, in particular PJSC Real Bank, PJSC Brokbusinessbank and PJSC JSB Ukrgasbank.
.png)
.png)
For several years, according to the investigation, Serhii Kurchenko — one of the businessmen closest to Yanukovych — was a key figure in the criminal organization created and led by the former president. This organization built an entire network of ministry officials, state-owned companies, banks, and shell enterprises to systematically embezzle public funds and resources.
One of the most high-profile episodes was the scheme involving liquefied gas owned by Ukrnafta and Ukrgazvydobuvannya. Through a controlled auction committee and with the support of officials from the Ministry of Energy, the Ministry of Economy, Gas of Ukraine, and regional state administrations, the gas was essentially sold for a pittance and resold on the commercial market.
Other schemes included:
- Embezzlement of funds from Naftogaz through forged documents and an attempt to misappropriate an additional UAH 5.1 billion
- Obtaining a stabilization loan from the National Bank of Ukraine for Real Bank, which was quickly siphoned off through affiliated companies
- Misappropriation of funds from the same Real Bank via fictitious loans
- Fraudulent transactions between Real Bank and Brokbusinessbank that enabled the illegal handling of an additional UAH 865 million
- Artificial bond deals with Ukrgasbank
- Loans issued to shell companies through Brokbusinessbank
- A scheme involving the Agrarian Fund and the sale of bonds.
Serhii Kurchenko is charged with a number of crimes, including Article 255(1), Article 191(5), Article 205(2), Article 209(3), Article 212(3), Article 366(1), and Article 358(3) of the Criminal Code of Ukraine. The case is currently being heard by the HACC.
During the Euromaidan events, Serhii Kurchenko left Ukraine and is currently hiding from the investigation in Moscow. In addition, the U.S. authorities accuse the oligarch of many years of fraud aimed at evading sanctions imposed by the United States.
In the spring of 2021, the National Security and Defense Council of Ukraine imposed sanctions on nearly thirty former high-ranking officials from the Yanukovych era. Serhii Kurchenko was among those targeted.
