Key facts
- Three independent board members of Ukraine's Danube Shipping Company (UDP) feel pressured to act against the company's interests.
- They report severe financial issues, including huge losses and delayed salaries, with insufficient funds for turnaround.
- The board members claim to be targets of a disinformation campaign aimed at discrediting them.
- They have been unable to enact significant changes due to lack of information and communication challenges.
- Ukraine's Ministry for Recovery, Infrastructure, and Transport is monitoring the situation and seeking international aid.
Three independent board members of Ukraine's state-owned Ukrainian Danube Shipping Company (UDP) have stated they feel pressured to make decisions not in the company's best interest and are being set up to fail. Michael Jorgensen, Dennis Olesen, and Benoit Pleska, who were appointed to the supervisory board less than a year ago, described a dire financial situation with "huge losses," delayed employee salaries exceeding six months, and unpaid debts.
They reported being unable to implement necessary changes due to a lack of clear financial information and what they perceive as a disinformation campaign against them. The board members claim to receive insufficient funds to turn the company around and have faced proposals, such as selling vessels for scrap, that they voted against due to a lack of commercial rationale. They believe these actions are part of a plan to discredit them, potentially leading to their dismissal.
Communication with the Ministry for Recovery, Infrastructure, and Transport, the company's sole shareholder, is reportedly challenging, often requiring communication through the two state-appointed board members. The ministry stated it is monitoring the situation at UDP, which is considered a strategic priority, and is seeking international assistance. The ministry also indicated it engages with the supervisory board and has no information regarding the letters sent to the independent members.