Konstantin Lyulchev, Chairman of the Board of Directors of PJSC TGC-14, has been detained in Chita as part of a criminal investigation into large-scale fraud. He has denounced the events as a corporate raid and announced a hunger strike in protest. Viktor Myasnik was also reportedly detained in Moscow.

The detentions stem from a criminal case initiated by investigators of the regional Ministry of Internal Affairs under Part 4 of Article 159 of the Criminal Code of the Russian Federation, which concerns fraud on an especially large scale. According to the investigation, executives at the power generation company and shareholders of the Far Eastern Management Company (DUC) allegedly inflated heat tariffs for two years. This resulted in losses of 9 million rubles for two Rostec enterprises. Investigators anticipate that the number of victims and the total damages will increase significantly as the investigation progresses.

Lyulchev was reportedly apprehended while attempting to leave Russia, while Myasnik was detained in Moscow. According to reports, Myasnik will be transferred to Transbaikalia, the primary location for the ongoing investigation.

Lyulchev and Myasnik are known as the main beneficiaries of the company that supplies heat to consumers in Transbaikalia and Buryatia. This follows the acquisition of a controlling stake in TGC-14 by JSC “Far Eastern Management Company” (DUC). DUC initially held more than 90% of the shares and now owns 75.64%. Viktor Myasnik was previously the owner and head of JSC “Far Eastern UK.” Evgeny Nikolaev has been the head of the organization since January 2025. DUC reported a net loss of 2.7 billion rubles in 2024 after a net profit of 9.65 billion rubles the previous year.

Previously, questions arose regarding Lyulchev and Myasnik in connection with a criminal case involving the purchase of TGC-14 shares using a bank loan. The loan was allegedly repaid using the company’s own funds, nearly bankrupting the critical infrastructure facility.

Amidst the news of the detentions, TGC-14’s debt securities quotes have decreased significantly.