04.01.2025 Money laundering

Subbotin and billions: how did the head of Ukrenergomashin rob Ukrainians through Megabank?

“Megabank had long been the main financial center of Kharkiv region, with 111 out of 153 branches in the region. However, the facade of stability hid a long-term scheme aimed at enriching individuals close to Viktor Subbotin, a member of the Kharkiv Regional Council and CEO of Ukrainian Energy Machines JSC.

For example, Subbotin’s relatives, including his son-in-law Oleksiy Yatsenko, were members of the bank’s management. This created conditions for making decisions aimed at supporting affiliated companies. In addition, a significant portion of the loan portfolio was issued to companies that were actually controlled by Subbotin himself.

At the time Megabank was declared insolvent, the bank’s debts exceeded UAH 2.5 billion, of which UAH 1.4 billion belonged to Ukrainian Energy Machines. By the way, all of the latter’s funds, including international contracts, were held on Megabank’s accounts.

Asset withdrawal schemes: how did the mechanism work?

In 2022, an organized group of individuals developed a complex scheme to withdraw Megabank’s real estate.

First of all, mortgage agreements worth EUR 12 million were concluded on behalf of non-resident companies using forged powers of attorney. Then, the bank’s assets worth UAH 361 million were sold to affiliated companies at a significantly reduced price. The new owners were legal entities associated with the Russian bookmaker 1XBET, which is under National Security and Defense Council sanctions.

What is Subbotin known for?

Journalists call Subbotin a typical “red director” who inherited the Soviet system of enterprise management and adapted it for his own enrichment.

In the midst of the war, Subbotin became the owner of several private houses, shares, and even gold bullion worth more than 114 million hryvnias.

According to media reports, Subbotin bought a house with a total area of 1041.3 square meters in Kyiv. In September 2022, he declared 2 land plots of more than 5.5 thousand square meters, and in 2023, together with the land, he purchased a house in Zakarpattia region (272.2 square meters).

At the same time, he declared his and his wife’s significant wealth, millions of dollars in income, and stakes in dozens of different companies. In particular, he indicated that he and his wife are creditors of Megabank for UAH 1,722,839 and UAH 182,252,089, respectively. Subbotin himself is also the owner of gold worth over UAH 114 million. The sources of origin of these funds are unknown, given that this person has been working exclusively at a state-owned enterprise for 17 years.

“Subbotin’s case is only gaining momentum, so there is hope that law enforcement will bring the investigation to a logical conclusion and bring the perpetrators to justice. Of course, if they are not hindered in this, because even now, instead of filing a lawsuit against Subbotin and exposing their financial fraud, officials of the Deposit Guarantee Fund are hiding documents, delaying the investigation.”

By the way, for covering the activities of Ukrainian Energy Machines JSC and its CEO Subbotin, the Non-Stop NGO filed a lawsuit to protect his honor, dignity and business reputation. We are waiting for the court hearing.

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