The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

World

Ukraine arrests senior Defense Ministry official accused of embezzling $40 million

by admin December 24, 2023
December 24, 2023
Ukraine arrests senior Defense Ministry official accused of embezzling $40 million

A senior Ukrainian Defence Ministry official has been detained over allegations he embezzled 1.5 billion Ukrainian hryvnia ($40 million) relating to an artillery shells contract, according to the Ukrainian Security Service (SBU).

The SBU says the official signed an agreement with a special export company to purchase a wholesale batch of artillery shells in December last year.

However, a more favourable contract for the supply was later signed with the same manufacturer – one that did not involve intermediaries. The SBU said this significantly shortened the delivery time and reduced the cost of the products.

According to the SBU, the defense official extended the original – more expensive – contract and funds totalling 1.5 billion Ukrainian hryvnia ($40 million) were transferred to the accounts of an affiliated foreign intermediary firm.

The SBU says it has found documents confirming the illegal activity. The official faces up to 15 years in prison if found guilty.

The Ukrainian Ministry of Defense said it was taking measures to try to recover the funds.

According to the Head of the Press and Information Department of the Ukrainian Ministry of Defense, Illarion Pavliuk, the contract was one in which payment was made, but no deliveries had taken place. As a result, he said lawyers were looking at options to terminate the contract and recover the funds.

In September, Ukrainian President Volodymyr Zelensky fired his Defence Minister, Oleksii Reznikov, citing the need for “new approaches” amid a number of corruption scandals involving Ukraine’s Ministry of Defense.

Rustem Umerov, the former people’s deputy of Ukraine, was appointed as his replacement.

Zelensky sought to address concerns about corruption when he travelled to Washington DC and met US Senators this month. The issue has also become more pressing after the EU agreed to open membership talks with Ukraine.

This post appeared first on cnn.com

0
FacebookTwitterGoogle +Pinterest
previous post
How tensions in the Middle East could impact global shipping
next post
A promising athlete, a volunteer firefighter, a renowned academic. Czechs mourn the 14 killed in university mass shooting

Related Posts

A comedian told a joke about a politician....

March 25, 2025

Jailed Kremlin critic Navalny makes first court appearance...

January 11, 2024

‘We’re dying from the cold’: Displaced Palestinians battle...

January 1, 2025

Hamas’s demands for hostage deal are ‘disconnected from...

February 19, 2024

Journalists injured in attack on Gaza refugee camp,...

April 14, 2024

More than a million Palestinians are trapped in...

February 7, 2024

Mexico’s historic election is this weekend. Here’s what...

June 2, 2024

Chinese robots ran against humans in the world’s...

April 19, 2025

Britain is on the cusp of a new...

July 4, 2024

Fierce fighting in Vovchansk as Ukrainian troops try...

June 17, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,402)
    • Investing (3,381)
    • Politics (4,562)
    • World (4,498)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved