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Investigators expose $1 billion embezzlement scheme at Ukrnafta, Ukrtatnafta.

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The Economic Security Bureau said on Feb. 1 that it had exposed an alleged $1 billion embezzlement scheme at oil companies Ukrnafta and Ukrtatnafta, which were previously affiliated with oligarch Ihor Kolomoisky.

The bureau said the scheme was organized by the "previous management" of the companies. Kolomosiky used to control the management of the two companies.

Earlier on Feb. 1, the Security Service of Ukraine (SBU) and the Economic Security Bureau raided Kolomoisky’s house in the city of Dnipro.

Until 2022, about 42% of Ukrnafta belonged to companies associated with Kolomoisky, and the state owned the rest.

Ukrnafta is the country’s largest oil producer, while Ukrtatnafta is a refining company.

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