The Interior Ministry has launched an investigation into the embezzlement of $50 million which took place during the purchase of two tugboats for Chornomornaftogaz in 2011.

This is according to a ruling of the Kyiv Pechersky District Court of October 21 which has published in the State Court Rulings Register.

"A pre-trial investigation discovered that officials of state JSC Chornomornaftogaz, when purchasing two the tugs Mys Tarkhankut and Fedir Uriupin, embezzled state funds by inflating the actual value of the vessels and by involving two intermediaries in the purchase, Sea Dynasty Ltd (Odesa, Ukraine) and Verylux Company LLP (Cardiff, Britain)," reads the report.

According to the ministry, during the procurement of the tugs Chornomornaftogaz transferred $120 million to an account belonging to Verylux Company, which was subsequently transferred to an account belonging to Sea Dynasty.

"The estimated amount of the overvaluation of the two tugboats price is $50 million," reads the court ruling.