Case description
The NABU suspects Andriy Kobolyev, the former Naftogaz CEO, of embezzling UAH 261 million in bonuses for winning the Stockholm arbitration against Gazprom.
According to the investigation, Andriy Kobolyev, the former Naftogaz CEO, issued an illegal order in 2018 to award bonuses to employees “for extraordinary achievements,” based on which he received UAH 261 million.
Andriy Kobolyev was appointed as the CEO of NJSC Naftogaz of Ukraine on March 26, 2014. Shortly after his appointment, the company became embroiled in a major legal battle: both Naftogaz and Russia’s Gazprom filed claims with the Arbitration Institute of the Stockholm Chamber of Commerce, accusing each other of violating the terms of their gas contract.
In May 2017, the court partially upheld Ukraine’s claims, agreeing to revise the contract price for gas deliveries. A month later, according to SAPO, the Naftogaz Board decided to reward certain company employees for their significant success in the arbitration proceedings. Kobolyev himself participated in this meeting. The awarded amount significantly exceeded the maximum permissible bonus limit of UAH 37.48 million. Moreover, for the same achievements, the former head of the company had already received a bonus of UAH 12.49 million in 2017. As a result, Kobolyev allegedly received an additional UAH 230 million beyond what is allowed under current legislation.
The NABU believes that the former Naftogaz CEO violated the Cabinet of Ministers Resolution No. 859, which limits the amount of the annual bonus of the company's CEO to 24 salaries. The amount of UAH 261 million significantly exceeded the level of remuneration for the case won against Russian Gazprom in the Stockholm arbitration, which was the reason for the bonus payment.
According to investigators, it was Andriy Kobolyev who initiated the process of awarding bonuses to himself and his colleagues by preparing amendments to the submission concerning payments for “extraordinary achievements.” The initial document did not specify any amounts, but the revised version included the total bonus figure. It also granted Kobolyev the authority to redistribute his share among employees at his discretion. However, investigators note that this redistribution never took place—he retained the entire bonus for himself. The bonus decision was approved by the Naftogaz Supervisory Board, after which Kobolyev issued the relevant order. The prosecutor alleges that Kobolyev was obligated to inform the Supervisory Board about the bonus limits established by a Cabinet resolution, but failed to do so.
However, after the final decisions of the Stockholm arbitration in late 2017 and early 2018, according to which Gazprom had to pay Naftogaz USD 4.6 billion, the situation began to change. The investigation believes that it was then that Kobolyev decided to pay himself bonuses that exceeded both the amount allowed by the contract and the maximum limit set by the government. The investigation regards these actions as embezzlement of funds of a state-owned company.
But Kobolyev's lawyer, Oleksii Nosov, notes that this resolution in 2018 did not apply to the head of Naftogaz, and the issue of bonuses was exclusively within the competence of the Supervisory Board. He also emphasizes that Kobolyev did not write out the bonus “to himself,” but only fulfilled the decision of the council, signing an order that referred to bonuses for 41 employees — in the amount of 1% of the amount won in the Stockholm arbitration.
Kobolyev's actions were classified under Article 191(5) of the Criminal Code of Ukraine. The former official left Ukraine in February 2022 but returned at the beginning of 2023 and was immediately served with a suspicion notice by law enforcement officers. Andriy Kobolyev said in court that he decided to return to Ukraine after a call from the Embassy in the UK, where he was informed about the inquiry from law enforcement officers regarding his place of residence.
Kobolyev was dismissed from his post in April 2021.
