Ukraine’s financial investigations service seizes large, Russian-owned logistics center

6 January, 02:53 PM
ESBU arrested a large logistics center in Ukraine (Photo:ESBU)

ESBU arrested a large logistics center in Ukraine (Photo:ESBU)

The Economic Security Bureau of Ukraine has arrested one of the largest logistics centers in Ukraine, worth 700 million UAH ($18.9 million), the agency’s press service reported on Jan. 5.

The bureau noted that the center is owned by Russian citizens via a Cypriot offshore company.

"The transport holding, which is one of the largest logistics centers in Ukraine, is suspected of tax evasion in the amount of more than UAH 18.3million ($494,000)," the statement said.

Following authorized searches of the administrative buildings of the company, the ESBU detectives said they had found and seized documents about financial and economic activities that are evidence of the offense.

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They also found documents confirming the Russian citizenship of the founders of the company.

Reportedly, Russian citizens, by prior conspiracy with the company's officials, since 2021, overstated the value-added tax credit during financial and economic transactions with several business entities.

Such violations of the requirements of the Tax Code of Ukraine led to the non-receipt of more than UAH 18.3 million ($494,000) to the state budget.

The agency noted that as part of the pre-trial investigation, the corporate rights of the company were seized. And also by prohibiting the alienation, disposal and use of registered property: nine vehicles and 13 real estate objects (buildings, land plots, etc.).

The estimated total value of the seized inventory stands at about UAH700 million ($18.9 million).

According to the industry outlet Ports of Ukraine, the business in question is Odesa-based Euroterminal LLC, the sanction against which was issued by the Shevchenkivskyi District Court of Kyiv.

The main owner of Euroterminal LLC is Cyprus-based Northington Holdings Ltd.

Earlier, NV reported that the plant of a major manufacturer of semi-finished products Yermolino was transferred to the management of the Agency for Investigation and Management of Assets.

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