Business

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

0 min read
Head of state-owned Guaranteed Buyer sacked, claims foul play
(www.gpee.com.ua)

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.

Avatar
Max Hunder

Business reporter, editor

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.

Read more
News Feed
Video

In the latest episode of Ukraine This Week, the Kyiv Independent’s Anna Belokur examines SpaceX’s move to curb Russia’s illegal use of Starlink satellite internet — a technology that has been vital to Ukraine’s defense since 2022.

Hungarian Prime Minister Viktor Orban criticized Ukraine for calling on the EU halt imports of cheap Russian energy. "Anyone who says this is an enemy of Hungary, so Ukraine is our enemy," he said at a rally on Feb. 7.

Show More