How a Ukrainian Oligarch's Companies Got Paycheck Protection Program Loans
From the article:
https://www.pogo.org/investigation/2020/08/how-a-ukrainian-oligarchs-companies-got-paycheck-protection-program-loans/
Ukrainian billionaire Rinat Akhmetov owns four coal mining operations sprinkled across Appalachia that received loans intended to help small businesses keep workers on payroll during the pandemic. They received a total of $21 million in Paycheck Protection Program (PPP) loans, according to a statement Akhmetov’s company provided to the Project On Government Oversight (POGO).
Far from mom-and-pop shops, many of which have reported difficulty obtaining these
PPP loans, the oligarch’s United Coal Company and its subsidiaries had estimated sales of $1.5 billion last year. They export high-grade coal to Akhmetov’s overseas steel-making empire, and occupy a segment of the coal industry that is reportedly still strong during the pandemic.
As
a growing body of evidence shows that numerous loans went to companies that don’t seem to truly need them, the firms controlled by Akhmetov—who reportedly owns two of the planet’s most expensive homes and who had a cameo in Special Counsel Robert Mueller’s report last year—appear to fit the mold of the less deserving.
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