Property Fund replaces Centrenergo acting CEO after struggle

The supervisory board of Centrenergo (CEEN UK) fired
acting CEO Volodymyr Potapenko and appointed Oleksandr Korchynskiy as the new
acting CEO on May 29 following a “blizzard operation,” State Property Fund head
Dmytro Sennichenko reported the same day. “Today, we returned Centrenergo to
state control despite all the resistance,” Sennichenko wrote in his blog. In a
span of five hours, the fund managed to get a needed court resolution, call the
supervisory board meeting to replace the top manager, make the necessary
amendments to documents on top management and introduce the new acting CEO to
Centrenergo staff, Sennichenko boasted.

Recall, Potapenko was appointed as Centrenergo’s
acting CEO in late July 2019. Media alleged he represented the interests of
tycoon Ihor Kolomoisky, who did not deny that in his interviews. The government
made the latest attempt to replace Potapenko on Feb. 26, but the new acting CEO
was not allowed to enter the company headquarters that day.
Later on, a local court ruled to prohibit the replacement of Potapenko,
while the conflict reportedly became one of the triggers for President Zelensky
deciding to dismiss then-PM Oleksiy Honchauk, who was dismissed shortly afterwards.

Alexander Paraschiy: If the Fund
is able to protect Centrenergo from a possible counterattack from Kolomoisky
this week, this will be chalked up as among the top achievements of the entire
government and one more argument for Zelensky to claim his dependence on
Kolomoisky is a myth. The return of government control over Centrenergo (which
holds as much as 78.2% of the company’s shares) is a logical step for a country
trying to prove that rule of law is a reality and applies to everyone, even the
wealthiest. For Centrenergo itself, this also opens new opportunities for
privatization.