21.05.2024 Business of Occupiers Money laundering

The seizure of Ukraine’s energy sector by Russian oligarchs

The government announces a significant increase in electricity tariffs, linking such actions to the critical energy situation. At the same time, the key companies operating Ukraine’s electricity distribution systems are under the influence of Russian oligarchs, State Duma deputies and reputable businessmen.

Spector and the process of buying up Russian assets

Internet resources contain a rather limited amount of information about the Spector family. Most of the articles talk about a “lightning-fast business empire” and ties to Vagif Aliyev, whose assets are now gradually being transferred to Alexander Spector. However, only a few of the sources write about the Spectors’ real role in influencing Ukraine’s industry.

Russian footprint in Ukraine’s energy supply system

Thus, Mykhailo Spector (possibly the brother of the owner of the Blockbuster Mall, Oleksandr Spektor) is listed on the Internet as the president of the VS Energy group of companies.

VS Energy owns assets in the energy, financial, metals and real estate sectors. Earlier, the media reported that the company is controlled by Russian businessman Alexander Babakov. At the same time, Michael Spector was the only Ukrainian citizen among the group of co-owners. His Moscow partners in the conglomerate of companies, also called VS Energy, were Alexander Babakov, the vice speaker of the State Duma, Mikhail Voevodin, a “reputable” businessman, and Yevgeny Giner, president of the CSKA football club.

In an interview with one of the publications, Mikhail Spector personally confirmed the influence of the Russian Babakov on the functioning of VS Energy. At the same time, Spektor said that the group owned shares in the Nikopol Ferroalloy Plant. According to the publication’s materials: “They received them when the Luzhnykivites were called to play the role of guarantors of reconciliation between Viktor Pinchuk and Ihor Kolomoisky, whose conflict over the illegal armed groups resulted in the resignation of Yulia Tymoshenko’s government in 2005.”

However, in 2014, with the escalation of the conflict between Ukraine and Russia, VS Energy changed its official owners. “Giner ceased to be a shareholder in 2014,” the company assures, “Babakov and Voevodin have never owned shares in VS Energy. As we can see, the official comments of the Group and Spector himself are somewhat different and contradict each other.

Currently, the company’s ultimate beneficiaries are citizens of the European Union: Valts Vigants (Latvia), Vilis Dambins (Latvia), Arturs Altbergs (Latvia), Oleg Sizerman (Germany), Marina Yaroslavska (Germany).

And according to YouControl, the company that manages the chain, the Eastern European Hotel Company, is owned by the Cyprus offshore company Pumorie Enterprises Investments Ltd. Its beneficiary is a French citizen Natalia Selivanova, who is also the wife of the aforementioned Voevodin. According to YouControl, she is also the owner of the Dniprospetsstal electrometallurgical plant, which is also controlled by VS Energy.

Selivanova controls five large Premier hotels in different cities of Ukraine through her company Financiere. In December 2022, the court arrested the hotels of this chain, as well as the Metrograd and Metropolis shopping centers in Kyiv, which, according to the investigation, are controlled by Babakov, Giner, and Voevodin. However, the only successful case of nationalization of the group’s assets took place earlier this year: The High Anti-Corruption Court seized Giner’s stake in PINBank (90%) in favor of the state.

Impact on the power system

In addition to hotel assets and Dniprospetsstal, VS Energy owns five regional power distribution companies in Ukraine: “Khersonoblenergo, Kirovogradoblenergo, Zhytomyroblenergo, Rivneoblenergo, and Chernivtsioblenergo. These oblenergos were privatized for $120 million in the early 2000s, except for Chernivtsioblenergo, whose controlling stake was sold by the state in 2012-2014.

They are managed by VS Energy International Ukraine (VS Energy). The owners are legal entities that are EU citizens. Among them is Latvian Willis Dambins, who, according to YouControl, was the beneficiary of the Eastern European Hotel Company in 2016.

In May 2023, Zelenskyy imposed sanctions on the alleged nominal owners of VS Energy. Later, the Ministry of Justice announced that it was collecting materials to send them to court and confiscate the company’s assets. But so far, there has been no progress in the case. We wonder why.

Actions of the NGO “Non-Stop”

We have collected and submitted materials to law enforcement and regulatory authorities in order to investigate the case as deeply as possible and bring to justice the Spectors, who have close ties to Russian citizens. We are waiting for the results.

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Let us know about it. We will help protect the violated rights!

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