Accomplice of Fuks and Khomutynnyk, Mykhailo Bakunenko, is planning to regain control over "Ukrnaftoburinnya"

The surname Mykhailo Bakunenko became known to the general public in April last year when UP released its latest video "Battalion Courchevel" about the lives of top Ukrainian corrupt officials abroad. Mykhailo Bakunenko was filmed at a gas station at this elite resort, where he was refueling his Rolls-Royce SUV.

It was then revealed who Mykhailo Bakunenko actually was, who was released abroad without hindrance instead of being prosecuted for fraud in the company "Ukrnaftoburinnya". Bakunenko clearly did not escape in a hurry and did not swim across the Tisza River, as his less fortunate compatriots do – this is evidenced by the fact that Mykhailo Bakunenko’s Rolls-Royce had quite Ukrainian license plates - KA 5281 NP:

In the same story, the following phrase was mentioned: “The activities of Ukrnaftoburinnya and its head, Mykhailo Bakunenko, are currently being actively investigated for involvement in subversive activities against our country and the withdrawal of funds from Ukraine, including to Russia.” Apparently, the journalists of UP had information that an investigation was indeed underway.

However, a year and a half has passed. Mykhailo Bakunenko’s name does not appear in judicial records at all, and the name “Ukrnaftoburinnya” only appears in commercial, administrative, and civil cases. Of course, these cases do not mention any “subversive activities and fund withdrawal,” nor do they suggest the recovery of those same “withdrawn funds” from Mr. Bakunenko.

However, there is another case – the lawsuit by Ares Systems Ltd, which owns 22.50% of Ukrnaftoburinnya shares, demanding to invalidate a series of shareholder decisions of Ukrnaftoburinnya JSC, which included the dismissal of Mykhailo Bakunenko from his position as chairman of the company, and the appointment of Oleh Malchyk in his place. What’s more, according to this lawsuit, which was considered on October 10 by the Economic Court of Kyiv, Ares Systems Ltd is demanding the shareholders hold a meeting and appoint Mykhailo Bakunenko as the chairman of the board of Ukrnaftoburinnya JSC.

The court ruled against the lawsuit, but that does not mean the story is over – the deadline for an appeal has not yet passed, and there is almost a 100-percent probability that there will be one. What the decision of the appellate court will be is still unknown, but the Ukrainian judicial system is renowned for its “crystal clear fairness and impartiality.” So, we shall wait, as they say in Mykhailo Bakunenko’s hometown.

For now, let us remind you what he was accused of a year and a half ago when he was driving around the French Alps in his SUV. That is, not accused, as it turned out, but merely threatened with accusations. But apparently, something happened. What exactly? Guess in three tries.

Thus, Mykhailo Bakunenko was accused of participating in a scheme to privatize the Sakhalin (Kharkiv region) oil and gas field, whose gas reserves are estimated at 15 billion cubic meters, and which ultimately ended up in the possession of Pavlo Fuks, a figure on the NSDC sanctions list, a Ukrainian-Russian oligarch closely linked to Russian organized crime. Searches were conducted in the case in the home of former MP Ihor Kotvytskyi, who was one of the key organizers of the scheme, as a result of which the Sakhalin field came under the ownership of "East Europe Petroleum," owned by former Ukrainian Energy Minister Eduard Stavytskyi.

After a series of perturbations in our country’s power structures and the escape of Viktor Yanukovych, for whom Stavytskyi worked as minister, the Sakhalin field began to be developed by "Ukrnaftoburinnya" jointly with "East Europe Petroleum". At least part of Ukrnaftoburinnya JSC then belonged to Ihor Kolomoiskyi, Pavlo Fuks, and Vitaliy Khomutynnyk through companies registered offshore.

It seems the situation has not changed much, if one of the shareholders has filed a lawsuit demanding the reinstatement of Mykhailo Bakunenko as chairman of Ukrnaftoburinnya JSC. The majority of the owners of Ares Systems Ltd, which filed the lawsuit, are legal entities registered in Cyprus, although Ares Systems Ltd is registered in London.

In the interval between the "Battalion Courchevel" story and the lawsuit, Mykhailo Bakunenko himself was not idle. He engaged in active public activities. And for some reason, he took up expertise in international politics, passionately exposing anti-Semitism. Here’s a link, and here’s a screenshot:

That Mykhailo Bakunenko, under the pretext of fighting such a deplorable phenomenon as anti-Semitism, managed to embarrass Ukraine in this article, we will leave to his conscience. Although, as a member of the Supervisory Board of the Jewish Confederation of Ukraine, he unfairly smeared all the Jews of our country with his article. Nevertheless, the article about anti-Semitism in Ukraine was the only one. Then Bakunenko switched to Ukrnaftoburinnya and began to sharply criticize the actions of ARMA and the current management of the company.

As it turned out, this informational attack was a harbinger of a lawsuit demanding the annulment of the transfer of the company to state management and the cancellation of Mykhailo Bakunenko’s removal from its leadership. And Ares Systems Ltd did not hesitate to file the lawsuit.

The outcome of this whole story is still unknown. But something suggests that in one way or another Mykhailo Bakunenko will be reinstated in his position, and Ukrnaftoburinnya JSC will be removed from ARMA’s management, transferred back to the owners from whom the company has not been confiscated for more than two years. And not just removed – but also all those losses that Mykhailo Bakunenko talks about in the most circulated publications will be reimbursed.