President Volodymyr Zelenskyy has instructed Prime Minister Yuliia Svyrydenko to request Ukraine's Accounting Chamber to carry out an urgent audit of the Asset Recovery and Management Agency (ARMA) and the State Property Fund (SPF).

Source: Zelenskyy on social media

Quote: "I have instructed the prime minister to initiate an urgent audit of ARMA and SPF through the Accounting Chamber. The government also has a task, in addition to the energy sector companies, to ensure the renewal of supervisory boards in Ukraine's defence industrial complex.

An audit of state energy companies is already under way, including all related financial transactions. A decision has also been prepared for a full audit of state defence companies and the relevant contracts."

Details: Zelenskyy said that the audit of the defence sector must be comprehensive and as thorough as possible.

Quote: "I have instructed the prime minister to report on its results and to keep the public informed on a weekly basis. Any violations found will be passed on to law enforcement and anti-corruption agencies."

Background:

• The Ministry of Economy of Ukraine plans to improve corporate governance and strengthen the independence of supervisory boards of state-owned fuel and energy companies.
• The State Audit Service of Ukraine has earlier launched an audit of Energoatom, Ukraine's state-owned nuclear energy company, which will cover the company's head office and 10 branches, including three nuclear power plants, for the period of 2023-2025.
• This follows the exposure of a large-scale corruption scheme in the energy sector. The National Anti-Corruption Bureau of Ukraine (NABU) and the Specialised Anti-Corruption Prosecutor's Office (SAPO) suspect the scheme was co-organised by Tymur Mindich, an associate of President Zelenskyy.
• ARMA has announced that it has begun a systematic reboot and is carrying out a full identification of seized assets for the first time in 10 years.
• It has also been reported that the Accounting Chamber, within the Emergency Credit Programme for Ukraine's Recovery, found breaches of the law during the execution and acceptance of the construction process and their payment for a total amount of over UAH106 million (US$2.5 million).

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