26 regional gas companies managed by ARMA brought zero to state budget – Trap Aggressor
Dmytro Firtash (Photo: LIGA.net)

For more than a year in the management of the Asset Recovery and Management Agency (ARMA), 26 arrested regional gas companies brought absolutely nothing to the state budget, reported the Trap Aggressor project of the StateWatch analytical center with reference to the ARMA letter in response to the request of the Interim Investigative Commission of the Verkhovna Rada on the issues of filling the budget.

Starting from July 5, 2022 until August 2023, the ARMA letter states, the results of regional gas management are:

amount of received income – UAH 0.00;
the amount of necessary expenses incurred – UAH 0.00;
amount of receipts to the State Budget of Ukraine – UAH 0.00.

The state joint-stock company Chornomornaftogaz was determined by a separate order of the Cabinet of Ministers to be the manager of the arrested corporate rights of 26 regional operators of gas distribution systems connected to exiled oligarch Dmytro Firtash.

At the beginning of July 2022, ARMA concluded an asset management agreement with Chornomornaftogaz, according to which the main corporate rights of 26 regional gas companies were transferred to the latter, and on April 3, 2023, the corporate rights of minority owners and the re-arrested corporate rights of JSC Ternopilgaz, JSC Korostyshivgaz, JSC Kirovohradgaz, JSC Khmelnytskyigaz, and JSC Melitopolgaz.

The agency clarified that in accordance with the terms of the management contract, the amount of income is determined from accrued and paid dividends on assets to the manager.

However, ARMA noted, no general meeting of shareholders regarding the payment of dividends was held as of the beginning of August.

Analysts of Trap Aggressor stress that the lack of public access to the register of ARMA's seized assets actually makes any independent control over management results impossible. Therefore, it is not possible to accurately determine the efficiency of the agency.

On March 15, 2023, businessman Dmytro Firtash was charged within the scope of the case of allegedly causing losses to the state of more than UAH 18 billion ($487 million) with the help of regional gas companies of the RGC group.

On August 15, three more heads of regional gas companies – JSC Volyngaz, JSC Kryvorizhgaz and JSC Chernihivgaz were charged with involvement in gas theft. Group DF denies all allegations.