Konstantin Lyulchev, chairman of the board of directors of PJSC TGC-14, and his deputy, Viktor Myasnik, have been detained by security forces as part of a criminal investigation into large-scale fraud. The investigation focuses on the alleged inflation of heat tariffs, reportedly causing significant losses to Rostec enterprises.
The executives and shareholders of Dalnevostochnaya Upravlyayushchaya Kompaniya (DUK), the company owning a controlling stake in TGC-14, are accused of inflating heat tariffs for two years, resulting in 9 million rubles in losses for two Rostec enterprises. Authorities expect the number of victims and the amount of damages to increase as the investigation progresses. Investigators are expected to petition the court for the arrest of the suspects.
Lyulchev reportedly intended to fly abroad from Chita. Special services are verifying information indicating that Lyulchev’s family resides permanently in London, and he possesses an ID card for residency in the UAE, purportedly needed for opening accounts there. Myasnik allegedly possesses a residence permit and property in Spain. Previously, Myasnik had attempted to sell his shares in the company for approximately 1 billion rubles but was unsuccessful in finding buyers.
TGC-14 is a major energy producer and supplier in Zabaykalsky Krai and Buryatia, providing heat to over 500,000 residents and about 10,000 legal entities. The company owns seven CHP plants and two energy complexes. In 2024, TGC-14 reported a net profit of 1.6 billion rubles. DUK owns 75.64% stake. DUK recorded a net loss of 2.7 billion rubles in 2024, compared to a net profit of 9.65 billion rubles a year earlier.
The news of the detentions has impacted TGC-14’s debt securities, with bond prices experiencing a significant drop. A year ago, investigators from the Ministry of Internal Affairs showed interest in the heads and co-owners of TGC-14. At that time, a criminal case was initiated in the Central District Department of Internal Affairs of Moscow on abuse of authority, again based on an inspection by the FSB of Russia and statements by a number of minority shareholders of PJSC TGC-14.