State run ‘Energoatom’ losses prompted by ‘financial violations’ and ‘miscalculations’ have climbed up to staggering 13 billion hryvnas over last three years, says the audit report by State Audit Service.
While misuse of funds and ineffective management polices ate up 2.1 billion and 1.4 billion of the company funds respectively, the biggest loss – 9.3 billion hryvnas- came through ‘violations’ in procurement and tender procedures.
Marlin anti-corruption watchdog that reported the audit findings projected Energoatom loss sheet can end up 218 million hryvnas heavier in the light of ongoing commitments and projects.
State Audit Service reported the violations to National Anti-corruption Bureau and Ukraine’s energy ministry and urged Energoatom ‘take steps to settle energy contracts’ debts’, said the agency in the statement on Monday.
The company that manages 4 state nuclear plants and provides over 55% of domestic electricity, reported 2.35 billion hryvnas’ in profits for 2021, yet its balance sheet is still far from being healthy.
It is worth mention that energy minister German Galuschenko who oversees Energoatom management faced many unpleasant questions over hefty bonuses for 2020, the year the company reported mamoth 5 billion hryvnas losses.