Officers of the Security Service of Ukraine (SBU) jointly with Prosecutor General's Office (PGO) have revealed embezzlement of hundreds of millions of hryvnias by officials of municipal corporation Kyivavtodor.

The press service of SBU reported that it was established that officials embezzled funds of the national and city budgets provided for construction, maintenance, overhaul and repair of roads in Kyiv, reconstruction of traffic hubs and restoration of building surrounding grounds.

Top managers of Kyivavtodor in collusion with commercial structures procured materials and works at the price set too high. Then the money were sent to dummy firms, transferred into cash and seized by the organizers of the deal.

"Only in 2016 the criminals embezzled almost UAH 300 million and moved them to accounts of dummy firms," the press service said.

During the raids of Kyivavtodor's offices, contractors, dummy firms and places of residence of the suspected persons SBU officers seized documents confirming unlawful financial transactions, filled scratch papers, computers where fake financial and economic documents were made, stamps of commercial firms involved in the deals and almost UAH 4 million of unregistered cash.

The criminal proceedings under Article 191 of the Criminal Code of Ukraine have been launched. An investigation is underway.