Audit Reveals Astronomical Bonuses for Management at 'Ukrenergo': What Ukrainians Are Paying For

The State Audit Office of Ukraine has uncovered serious violations in the operation of the National Energy Company 'Ukrenergo', including a discriminatory wage system, operation without a financial plan, and uncontrolled payments to experts and management.

The head of the Utility Consumers Union of Ukraine, Oleg Popenko, spoke about this on the YouTube channel of Yuri Romanenko. According to the results of the audit service's checks, despite the introduction of a new grading wage system, workers' salaries at 'Ukrenergo' have become lower than the average in the industry in Ukraine. Furthermore, significant payments to the company’s management have been revealed, while the procedure for approving the financial plan was violated and there were discrepancies in expenses on consulting services.

'In 2018-2019, bonuses for management amounted to 22 million hryvnias, and in 2020-2021 it was already a billion hryvnias,' noted Popenko. The former chairman received 40-42 million hryvnias upon dismissal, while the secretary received 2.5 million.

The Company Operated Without a Financial Plan

According to auditors, the National Energy Company 'Ukrenergo' violated the Commercial Code by operating without an approved financial plan for several months in 2019-2021. The company spent funds on capital investments and consulting services without a clear financial plan, which contradicts regulatory requirements.

The identified violations in the operation of the National Energy Company 'Ukrenergo' indicate a lack of control and effective management within the company, which may negatively affect its operations and stability, as well as undermine the trust of consumers and partners.