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Zelensky vows overhaul of Ukraine's scandal-hit energy firms / Photo: Handout - AFP/File
NYSE - LSE
Zelensky vows overhaul of Ukraine's scandal-hit energy firms
Ukrainian President Volodymyr Zelensky on Saturday announced an overhaul of state-owned energy companies, after a corruption scandal at the heart of a sector battered by Russian attacks sparked a public outrcy.
Anti-graft investigators said around $100 million had been embezzled from the energy sector, causing outrage in a country where Russian attacks have resulted in devastating power outages.
Zelensky ordered two ministers to resign over the corruption scheme and sanctioned a former business partner who was named as its mastermind.
"We are beginning the overhaul of key state-owned enterprises in the energy sector," Zelensky said on X.
"Alongside a full audit of their financial activities, the management of these companies is to be renewed."
He called for a new supervisory board at Energoatom -- the state nuclear company at the heart of the scandal -- "within a week" that would enable a "complete overhaul of the company's management".
He also called for the quick appointment of a new head of hydropower generating company Ukrhydroenergo and other reforms for oil and gas giant Naftogaz and the main gas operator.
Zelensky has previously said he is committed to fully cooperate with the anti-corruption investigation.
"I have also instructed government officials to maintain constant and meaningful communication with law enforcement and anti-corruption bodies," he said Saturday.
"The full transparency and integrity in the energy sector remain an absolute priority".
The scandal prompted some of Ukraine's European allies to urge Zelensky's government to do more to battle corruption.
T.Cusumano--INP
