NABU charges ex-head of Naftogaz Kobolyev with misappropriation over gargantuan bonus

The National Anti-Corruption Bureau (NABU) charged Andriy Kobolyev, former head of the state-owned oil and gas monopolist Naftogaz, with misappropriation of funds, the NABU said on Jan. 19.

According to NABU, Kobolyev violated the law when he paid himself a bonus of Hr 229 million in 2018, which equaled close to $10 million. It exceeded the maximum bonus size, set at Hr 37 million, NABU said.

The bonus was paid for "extraordinary achievements" – as a reward for the company’s $5 billion legal victory over Gazprom in 2018. Gazprom and Naftogaz reached a settlement and dropped mutual claims involving a 2009 gas supply contract. Gazprom was to pay Naftogaz $5 billion. Naftogaz' supervisory board assigned 1% of the settlement to be paid as bonuses to 40 Naftogaz employees.

If found guilty, Kobolyev can face from seven to 12 years in prison.

It's not the only investigation against Kobolyev. In February 2022, the State Investigation Bureau searched Kobolyev's house as part of a case set to investigate the legality of an agreement signed by Kobolyev in 2020 to transfer 305 million cubic meters of gas from state ownership to private companies.

Kobolyev served as the head of Naftogaz from March 2014 to April 2021.