You're reading: State agency for national projects denies $50 million disappeared from Air Express project

The State Agency for Investment and National Project Management has denied claims by Infrastructure Minister of Ukraine Maskym Burbak that $50 million of financing of the Air Express project has disappeared.

‘I’m very sad about the fact that politicians of such a level could make such statements. This is absolutely untrue,’ Chairman of the State Agency for Investment and National Project Management Serhiy Yevtushenko told reporters in Kyiv on Monday, Sept. 22.

He said that the minister could himself ask the agency to present the required documents.

‘A first tranche was allocated in 2013, not 2012. The Cabinet of Ministers has this information. The State Agency for Investment and National Project Management every month sends information on the project to the Infrastructure Ministry,’ First Deputy Chairman of the State Agency for Investment and National Project Management Kyrylo Bondar said.

He said that according to the conditions of the credit agreement, the sum of the first tranche of $52 million was sent to the account of the general contractor. Some money went to finance design works conducted by the Ukrainian design institute.

‘We can start construction work by late 2014,’ Bondar said.

He said that the main obstacle is the transfer of state land for the realization of the project. He also said that the Infrastructure Ministry initiated the transfer of the project from the management of the State Agency for Investment and National Project Management to its management.

Earlier Burbak said in an interview with the Focus publication that Ukraine is paying a loan under the Air Express project and it is unknown where around $50 million has disappeared to.