The state-owned enterprise "Forests of Ukraine" has found itself at the center of a scandal involving timber exchange trading, in which hundreds of millions of hryvnias are being made from buyers' funds against their will. So, Oleksiy Dubovsky.
Meanwhile, the company remains embroiled in a personnel conflict: despite attempts to replace its leadership, its former director, Yuriy Bolokhovets, retains influence over the state-owned enterprise, writes From-ua.
According to financial statements, in 2025, Ukrainian Energy Exchange paid UAH 388 million in dividends to its Cypriot beneficiary, Oleksiy Dubovskyi. Interest income from buyers' guarantee deposits also amounted to UAH 266,7 million.
The mechanism works as follows: the funds businesses contribute as a guarantee for participation in trades are arbitrarily deposited into bank accounts by stockbrokers and receive interest, but the owner of the funds is not paid. Ukrainian Clearing House LLC, which received a special license from the National Securities and Stock Market Commission, is used separately to handle the guarantee deposits. The founder of Ukrainian Clearing House LLC is Alexey Dubovsky, through the Cypriot company ENEXSOL LTD, which he also owns.
In 2025, Ukrainian Clearing House LLC earned UAH 67,7 million in interest income from deposits, while only UAH 320 came from its core operations. Thus, 97% of its revenue came from interest earned from deposits with timber buyers, who are constantly facing cash shortages and losses due to Russia's military aggression.
Against this backdrop, accusations of possible stock market manipulation in the timber market were raised during congressional hearings on forestry reform in the Carpathian region. These included the sale of low-quality timber to the Ukrainian Armed Forces under the guise of quality, problems with firewood sales to the public, and transactions with non-existent goods on exchanges.
In addition to Oleksiy Dubovsky, the owner of the Ukrainian Energy Exchange, other individuals linked to the system's operation include Oleksiy Petrashko, a former member of the National Securities and Stock Market Commission during Viktor Yanukovych's presidency, and current member of the National Securities and Stock Market Commission, Arsen Ilyin.
Incidentally, Alexey Dubovsky resides permanently on the island of Cyprus; he left Ukraine in May 2022.
At the same time, “stock market games” are taking place against the backdrop of a struggle for control over the “Forests of Ukraine”.
In April, President Volodymyr Zelenskyy stated that "critical problems" remained unresolved in this area and that new personnel approaches were needed. Following this, the government attempted to reshuffle the company's management. However, in July, Yuriy Bolokhovets and the head of the State Forest Agency, Viktor Smal, reportedly attempted to replace the current head of Lesy Ukrainy, Ihor Zubovich, and restore Bolokhovets to his position as the company's head.
Following this, the Cabinet of Ministers suspended Smal from his post pending an internal investigation. After the disciplinary proceedings were completed, he returned to work. Bolokhovets formally remained the second-in-command at Lesy Ukrainy, but according to available information, his influence over the company remained.
Bolokhovets also has a special relationship with former Prime Minister Yulia Sviridenko . Before her resignation, Irina Gruzinska of BRDO became the government representative on the supervisory board of Forests of Ukraine. She is also a member of the public council of DALRU and a longtime ally of Bolokhovets on forest reform issues. These personnel connections explain Bolokhovets's continued influence after his dismissal as head of the enterprise.
Law enforcement agencies also have questions for Bolokhovets. The National Anti-Corruption Bureau of Ukraine (NABU) is investigating a case of possible illicit enrichment. In March, the Appellate Chamber of the High Anti-Corruption Court overturned the charges brought against him, ruling the evidence obtained during the relevant proceedings inadmissible. The criminal case itself, however, remains open.
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Problems with the management of Forests of Ukraine have already gone far beyond personnel struggles. Vitaliy Bunechko, head of the Zhytomyr Regional State Administration, stated yesterday that following the reform in Zhytomyr Oblast, the number of forestry workers has fallen from 5,5 to approximately 2. In the first seven months of 2026, Forests of Ukraine enterprises contributed UAH 171 million to the consolidated regional budget, while Zhytomyroblagroles, which operates on half the area, contributed almost UAH 365 million.
According to Bunechko, more than 60% of the region's wood processing plant capacity is idle, and lumber imports have increased 14-fold since 2022—from 50 to 700 tons per year.
As a result, questions surrounding the reform of Forests of Ukraine now touch on several aspects at once: who actually controls the state-owned enterprise, how its products are sold, and where the funds that businesses contribute to participate in tenders go.
Skelet.Org
On the topic : The CEO of the State Enterprise "Forests of Ukraine" was charged with illegal enrichment, according to Kravchenko.
Alexey Dubovsky, State Enterprise "Forests of Ukraine"
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