To strength DTEK’s anti-corruption safeguards, global audit and advisory firm KPMG is to outline the Ukrainian energy company’s control frameworks governing the distribution of international donor assistance, the two firms said on Tuesday.
Since the beginning of full-scale war in 2022, DTEK has put in place strong end-to-end governance, tracking and reporting system for all donor funds and equipment, led by its internal compliance and anti-corruption team.
Now it wants to ensure funds and equipment donated to restore energy infrastructure are tracked and traced in line with global best-practice.
To enhance transparency of donations and to avoid any perception of misuse, the company asked KPMG, the global audit and advisory services firm, to describe the process of distribution of donor assistance (equipment provided to DTEK), technology architecture and relevant controls aimed at mitigating risks arising from the receipt, distribution, accounting and use of technical assistance.
Since the war began, DTEK has received $11 million worth of donor aid and equipment from foreign energy companies and has been promised a further $45.7 million via Ukraine’s Ministry of Energy, Energy Community Secretariat and USAID to repair power plants and grid infrastructure.
DTEK already has a rigorous series of anti-corruption safeguards in place. Today’s agreement gives KPMG the ability to deep-dive into these internal processes and provide its overview.
The fight against corruption is being discussed at this week’s Ukraine Recovery Conference in London, where world leaders, financial institutions, businesses and civil society are gathering to discuss ways to boost Ukraine’s economic revival.
On announcing the partnership, DTEK CEO Maxim Timchenko said:
“DTEK’s international partners are providing critical support as we work to keep the lights on through this war. DTEK has zero-tolerance for any form of corruption and our work alongside KPMG puts trust at the heart of DTEK’s relationship with donors.”
Alex Yankovski, Partner at KPMG in Ukraine said:
“KPMG is keen on supporting Ukraine, its public and private sector, as well as international donor community in order to facilitate the processes of recovery of Ukraine. We are happy to contribute our knowledge and best international experience in rebuilding Ukrainian energy sector”.
