State property fund’s report slammed over ‘lack of specifics’- Accounting Chamber report

Source: Ukraine’s Accounting Chamber

Ukraine’s State Property Fund’s  2023 has come under scrutiny after Accounting Chamber audit found it has “incomplete”  information about the value of state assets, war-related losses, property under disputed privatization contracts, and assets involved in legal battles.

The Accounting Chamber inspection argues the report is as it left out ‘significant volumes of crucial information’ as it followed very vague ‘guidelines’.

“The data on the value of state assets is incomplete, making it impossible to identify track down revenue sources for the budget,” stated Gennadiy Plis of Accounting Chamber.

“Transparent privatization of state property” and “implement policies regarding state assets’ were initially viewed as the main tasks for the agency in 2023- 2025, but the numbers are dismal.

Projected privatization revenues for 2023 were set at 6 billion hryvnas, but the state got only 3.1 billion hryvnas after the “large-scale privatization” stalled.

State property rental income climbed past targets by 5.3%, helping the budget get extra 769 million hryvnas but the huge part of it -about 742 million hryvnas- were not paid due to exemptions.

The fund also did a poor job of mananging sanctioned or forcibly seized Russian assets.