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Automatically translated version. May contain inaccuracies compared to the original.
State-owned enterprise “Forests of Ukraine” has found itself at the center of a story about stock-market trading of timber, where hundreds of millions of hryvnias are earned on buyers’ funds without their consent. At the same time, the enterprise remains the focal point of a personnel conflict: despite attempts to change leadership, the former head Yuriy Bolohovets still wields influence over the company’s operations, reports “Kortko.Pro.” “According to financial reports, in 2025 the Ukrainian Energy Exchange paid its ultimate Cyprus-based beneficiary Oleksiy Dubovskiy 388 million UAH in dividends. Separately, 266,7 million UAH constituted interest income from guaranty deposits of buyers. The mechanism looks like this: funds that businesses deposit as a bid guarantee are unillegally placed by exchange operators into bank deposits and accrue interest, but the owner of these funds does not receive the payments. Separately, for handling guaranty deposits, LLC Ukrainian Clearing House (Ukhud) operates, for which a special license from the NCUFP (National Securities and Stock Market Commission) was obtained. The founder of UKD is Dubovskiy through the Cypriot firm “ENEXSOL LTD,” which also belongs to him,” writes “Kortko.Pro.” It notes that for 2025 year the company LLC Ukrainian Clearing House earned 67,7 million UAH in interest income on deposits, while from core activities — only 320 thousand UAH. “Thus, 97% of its income came precisely from interest on placing buyers’ funds for timber, which constantly face shortfalls and losses amid Russia’s war of aggression. In this context, during congressional hearings on reforming the forest sector in Prykarpattia, accusations of possible stock-market schemes in the timber market emerged. Specifically, it was alleged that low-quality material was sold to the Armed Forces of Ukraine under the guise of high quality, problems with selling firewood to residents, and operations with non-existent goods on exchanges,” writes “Kortko.Pro.” In addition to the owner of the Ukrainian Energy Exchange, Dubovskiy, among the people linked to the operation of this system are named a former member of the NCUFP during Viktor Yanukovych’s presidency and a current member of the NCUFP Arsen Ilyin. “By the way, Dubovskiy constantly resides on the island of Cyprus, he left Ukraine in May 2022 year. Meanwhile, the “exchange games” unfold against the backdrop of a struggle for control over “Forests of Ukraine,” notes “Kortko.Pro.” In April, President Volodymyr Zelensky stated there were “unregulated critical problems” in the sector and a need for new personnel approaches. “After that, the government tried to refresh the enterprise’s leadership. In July, however, Yuriy Bolohovets and the head of the State Forest Agency Viktor Smal, according to available information, sought to replace the current head of ‘Forests of Ukraine’ Ihor Zubovych and reinstall Bolohovets as head of the enterprise,” reports “Kortko.Pro.” According to “Kortko.Pro,” Bolohovets is linked to a special relationship with former Prime Minister Yulia Svyridenko. “Before her dismissal, the state’s representative on the supervisory board of ‘Forests of Ukraine’ became Iryna Hruzynska from BRDO. She is also a member of the public council of DALRU and a longtime ally of Bolohovets in forest reform issues,” writes “Kortko.Pro.” There are also law-enforcement questions for Bolohovets. NABU is investigating possible illicit enrichment. In March, the Appeals Chamber of the Anticorruption Court (VAKS) canceled his suspicion, deeming the evidence obtained during the relevant procedural actions inadmissible. The criminal proceedings themselves have not been closed. Problems with managing “Forests of Ukraine” have extended beyond internal personnel battles. Zhytomyr Regional Military Administration head Vitaliy Bunychko stated that after reform in Zhytomyr region, the number of forestry workers fell from 5,5 thousand to about 2 thousand. In seven months of 2026, the Forests of Ukraine enterprises paid 171 million UAH to the region’s consolidated budget, while “Zhytomyroblralis,” which operates on half the land area, paid almost 365 million UAH. According to Bunychko, more than 60% of the region’s wood-processing capacities are idle, and imports of commercial wood since 2022 have risen 14 times — from 50 to 700 thousand tonnes per year. “As a result, questions about the reform of ‘Forests of Ukraine’ now concern several issues at once: who actually controls the state enterprise, how its products are sold, and where the funds deposited by businesses for participation in bidding go,” sums up “Kortko.Pro.” Earlier it was reported that the general director of the State Enterprise “Forests of Ukraine” leaked tenders worth tens of millions to his associate.
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