The State Bureau of Investigations (SBI) is conducting an investigation into the case of possible abuses by officials of the State Property Fund of Ukraine (SPF) during the privatization of the First Kyiv Machine-Building Plant JSC (formerly Bilshovyk Plant) in Kyiv.

"On January 11, 2022, the investigating judge, at the request of the prosecutor, seized 100% of the charter capital of the First Kyiv Machine-Building Plant to preserve the specified piece of evidence," the SBI press service reported.

According to the public register, the owner of the shares has already been changed. From the State Property Fund, they have been transferred to the winner of the privatization competition General Commerce LLC (Kyiv), whose beneficiary is Volodymyr Dolhopolov from Kyiv.

The Bureau said that the illegal alienation of the plant from state property at a low cost caused economic damage to state interests.

"The examination found that the property appraisal report used to determine the value of the plant's shares does not meet the requirements of the law. This could adversely affect the reliability of this appraisal," the Bureau said.

The pretrial investigation is underway in criminal proceedings under Part 2 of Article 364 (abuse of authority or office) of the Criminal Code of Ukraine. The sanction of the article provides for punishment by imprisonment for the term of up to six years with deprivation of the right to occupy certain positions or engage in certain activities for a term up to three years.