UDP Leadership Accused of Asset Theft: Losses Hit $7 Million.

Turmoil at the Ukrainian Danube Shipping Company

According to Espreso.tv: Tensions are escalating between the management of the Ukrainian Danube Shipping Company (UDP) and its supervisory board amid allegations of asset misappropriation. In early May 2023, UDP Supervisory Board Chairman Benoît Pleska urged parliament to launch an investigation into the company’s operations. This move came in response to mounting challenges, including a surge in cargo transshipment at the port of Izmail and significant financial losses suffered by the firm.

Financial Performance and Key Issues

Data shows that from 2020 to 2024, transshipment volumes at the port of Izmail skyrocketed by 314%, while UDP’s own cargo transport grew by a mere 2.1%. As a result, the company’s market share in this key port plummeted from 18% to nearly 4%. In 2025, UDP reported losses exceeding $7 million. Additionally, a court is currently hearing a case concerning the loss of 32 vessels in 2017, which caused $2 million in damages.

Among the most alarming issues is an investigation into an attempted illegal transfer of company assets worth over $50 million to a Hungarian firm. Despite these problems, UDP ended 2023 with a profit of 719 million Ukrainian hryvnias and contributed more than 140 million hryvnias to the state budget. However, Benoît Pleska warned:

“Chronic corruption, a catastrophic decline in activity, and the systematic destruction of the fleet.” - Benoît Pleska

In response to the accusations, UDP management representative Taras Boychuk defended himself:

“I have committed no violations; on the contrary, I acted based on identified risks.” - Taras Boychuk

The situation at the company remains tense, and the outcome of the investigation could have serious implications for its future.

This conflict between UDP and its supervisory board highlights the complexities of governance in Ukrainian state-owned enterprises, particularly amid heightened competition and instability. The investigation initiated by Benoît Pleska may drive reforms in management structures and asset oversight, potentially affecting the company’s operations and financial standing. It is crucial to monitor developments closely, as the probe’s results could reshape UDP’s reputation and market position.