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Automatically translated version. May contain inaccuracies compared to the original.
Circumventing a Court Ruling: The State Property Fund Announces Reorganization of the Black Sea Shipping Company into an LLC
Order No.1081 — how the State Property Fund privatized the Black Sea Shipping Company while the court kept its doors closed for three years.
Imagine: a sign on the door reads “Privatization of BSC — prohibited.” It has been in effect since October 2022. The Supreme Court in 2023 additionally “put a lock” on it. Meanwhile the State Property Fund, tiptoeing with an order tucked under its arm, bypasses the judge and whispers: “We are not privatizing, we are merely transforming.”
State Property Fund Order No.1081 of 29 May 2026 declares: “A decision has been made to transform the state company ‘BSC’ into LLC ‘BSC’, 100% of whose shares belong to the state.” This directly contradicts the current court decision in case No.910/6998/21, where the plaintiff was the Ministry of Infrastructure and the defendant was the State Property Fund.
19.10.2022, Commercial Court of Kyiv: the State Property Fund Order No.545 of 25.04.2018 on the privatization of the state company BSC has been annulled.
13.02.2023, Supreme Court: the State Property Fund’s cassation appeal was not even accepted for review.
19.04.2023, Northern Commercial Court of Appeal: the State Property Fund’s appeal was finally dismissed. The decision has been in force for more than three years.
Instead, in 2026 the State Property Fund chose a different path: not a sale at auction, but a “transformation into an LLC.” In essence this is the same move to a corporate form, after which assets can quietly be distributed, split, and transferred to “investors” — everything the court prohibited back in 2022, but through the back door.
According to the State Property Fund’s balance data, the value of BSC is only 83 million UAH — the price of a one-room apartment in Troyeshchyna for a shipping company with 145 vessels in its history.
The real scope of assets:
450 million dollars of loan obligations secured by the fleet to London-based Ocean Agencies Ltd (formerly BLASCO UK, directors registered in Monaco);
12 bulk carriers at shipyards in China;
37,93% of the Vietnamese port “Lotos”;
real estate and port infrastructure in Odesa.
The LLC formally “receives” the state enterprise for the price of an apartment — together with assets and obligations amounting to hundreds of millions of dollars. And all of this is based on an order that contradicts the current court ruling.
The order was signed by State Property Fund Chair Dmytro Natalukha. In carrying it out, his subordinates Vitaliy Kovalenko and Vadym Vanchenko participated. On the BSC side — acting president Yuriy Berezhnoy (from Luhansk), in whose declaration NACP found 12,6 million UAH of false data, and advisor Yuriy Harbuz, former head of the Luhansk Regional State Administration.
Behind the scenes of the whole scheme stands Volodymyr Galanternik — a figure in the NABU/SAP case No.42017000000001097 for 689 million UAH, who is internationally wanted and has a conviction in absentia at the High Anti-Corruption Court. 25 years — one scheme, one conductor, and one country acting as the “chicken.”
NABU and SAP have every reason to view Order No.1081 as a ready-made procedural episode: the subjects — State Property Fund officials; the court decision violated in case No.910/6998/21; the goal — asset extraction through corporatization. The top of the scheme — Galanternik; the qualification — articles 364, 191 and 209 of the Criminal Code of Ukraine. We continue to investigate and publish materials regarding BSC.
Document: PDF proof of the original version of the news item "Обхід рішення суду: ФДМУ оголосив про реорганізацію Чорноморського морського пароплавства в ТОВ". It records the publication content at the moment of the first scan, the preservation date and the source: ANTIKOR.
