10:42 22.01.2020

Ukrtransgaz's property seized, funds on accounts frozen

2 min read
Ukrtransgaz's property seized, funds on accounts frozen

JSC Ukrtransgaz (UTG), which after January 1, 2020 fulfills the function of the operator of underground gas storage (UGS) facilities, has said that all its assets and funds on its accounts have been frozen in pursuance of the decision of Kyiv's arbitration court dated 2007 in the case on supply of gas to consumers of CJSC Ukrenergozbut, the press service of the operator has reported.

"At present, all assets and funds on the accounts of Ukrtransgaz have been frozen," the company said.

UTG considers this decision to be unlawful, and the actions of CJSC Ukrenergozbut and Fin-Invest Financial Company LLC to recover funds as those that have signs of fraud. In this connection, UTG appealed to the State Bureau of Investigations (SBI) and the National Anti-Corruption Bureau of Ukraine (NABU).

Ukrtransgaz appeals to the investigating authorities to protect its interests, since the blocking of funds and their illegal embezzlement can negatively affect the stability of work to ensure the passage of the heating season," the company said in the statement.

Ukrtransgaz said that the court by its decision (No. 17/32) dated July 12, 2000 ordered the company to deliver 305 million cubic meters of natural gas to consumers of Ukrenergozbut. At the same time, the cost of natural gas was not given in the decision.

Since that time, the company has not been involved in foreclosure for many years. In 2018, PJSC Ukrenergozbut received a duplicate of the order of the Arbitration Court dated March 21, 2007 in case No. 17/32, after which it sold the right to demand the implementation of UTG obligations to supply gas to Fin-Invest Financial Company LLC.

Fin-Invest, in turn, received a decision from Kyiv's business court on January 9, 2020, which changed the method and procedure for executing the decision of the Arbitration Court dated July 12, 2000.

"That is, instead of supplying natural gas in favor of third parties, it is the recovery of funds in the amount of UAH 2.3 billion. Moreover, the indicated amount was determined by Ukrenergozbut at its own discretion and has no grounds," the UTG said.

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