Top executive of Ukrnaftoburennya suspected of fraud

Mikhail Bakunenko, a top executive at Ukrnaftoburennya, is suspected by Ukrainian law enforcement agencies of siphoning off large sums of money abroad and causing losses to the state budget.

Law enforcement officers have opened a criminal case and conducted searches at the residence of Igor Kotvitsky, who is a partner of Pavel Fux and Bakunenko. According to case materials, Bakunenko, together with Fux and Vitaliy Khomutynnik, has been embezzling from Ukrnaftoburennya for decades. Funds were transferred to offshore companies. Additionally, a portion of the funds was sent to Russia.

It is worth noting that Pavel Fux has close ties to the occupying country. He owns a hotel and a sports complex in Russia. He has been under sanctions imposed by the National Security and Defence Council since 2021. He is linked to the Russian criminal underworld, for which he laundered money. It is not ruled out that Bakunenko was also involved in the scheme.

The top executive of Ukrnaftoburennya decided not to wait for the conclusion of the law enforcement investigation and chose to flee Ukraine. Bakunenko is currently in Europe and, apparently, does not plan to return to the country.