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Head of state-owned Guaranteed Buyer sacked, claims foul play

November 14, 2021 5:26 pmby Max Hunder

The company is responsible for buying all renewable electricity from producers.

Its head, Kostyantyn Petrykovets, was fired by the Cabinet of Ministers on Nov. 13 for allegedly mismanaging electricity sales, which they lost the taxpayers $190 million and triggered $573 million of lawsuits against Guaranteed Buyer.

Petrykovets claimed that he was fired for refusing to obey “illegal orders” to redirect $738 million of green Eurobond funds. These were issued to help pay off Guaranteed Buyer’s $950 million debt to producers.

Max Hunder
Author: Max Hunder

Max Hunder is a business reporter at the Kyiv Independent. He previously worked as a business reporter at the Kyiv Post focusing on infrastructure and energy. He is a graduate of Eton College and University College London, and has reported for international publications from London, Kyiv and Yerevan.