Ukrainian businessman avoids prison in high-profile Kurchenko oil products case
Serhiy Tyshchenko (Photo: Censor.NET)

On September 5, the High Anti-Corruption Court (HACC) approved a plea agreement between a prosecutor of the Specialized Anti-Corruption Prosecutor’s Office (SAPO) and businessman Serhiy Tyshchenko, accused of misappropriating seized oil products belonging to Serhiy Kurchenko in 2014–2015, the HACC press service reported.

Tyshchenko was found guilty under Article 27(3), Article 28(4) (aiding and abetting), Article 191(5) (misappropriation, embezzlement, or unlawful seizure of property through abuse of office), and Article 255(1) (establishing a criminal organization) of the Criminal Code. He was sentenced to eight years in prison without confiscation of assets.

However, the court released him from serving the sentence, imposing instead a three-year probationary period.

The so-called "Kurchenko oil case" involves 97,000 tons of petroleum products owned by the SEPEK group, seized after the Revolution of Dignity at the Odesa Oil Refinery, Odesa Oil Transshipment Terminal, and Vasylkiv Oil Depot.

According to NABU, Tyshchenko and former MP Serhiy Pashynskyi arranged for the products to be transferred to the state-owned company Ukrtransnaftoprodukt, which in practice existed only on paper. The company had just two oil depots, in Kremenchuk and Lubny, and its staff consisted mainly of security guards, whose salaries were covered by selling scrap metal. Ukrtransnaftoprodukt then resold the oil at reduced prices to UkrOilProduct, but even those proceeds were siphoned off to companies controlled by Tyshchenko.

The transactions were processed through Fortuna Bank, owned by Tyshchenko via his mother. Following the bank’s bankruptcy, UAH 160 million belonging to Ukrtransnaftoprodukt was placed in the seventh line of creditors’ claims and never recovered.

The probation period will be counted from the date the verdict was announced.

During this period, Tyshchenko must regularly report to the probation authorities, notify them of any changes of residence, employment, or study, and may not leave Ukraine without official approval.

The verdict will take effect once the appeal deadline expires, unless an appeal is filed. If an appeal is lodged, the verdict will become effective after the appellate court’s ruling, provided it is not overturned.

  • Tyshchenko is the beneficial owner of the Factor Group of Companies. According to the court ruling, he also chairs the supervisory board of the Korosten Chemical Engineering Plant (PJSC Khimmash). Another notable asset linked to him is the Zhytomyrski Lasoshchi confectionery factory.