The State Bureau of Investigation has completed the investigation of criminal proceedings against former top officials of the Finance and Credit Bank, who are suspected of embezzlement of property worth over 608 million hryvnias. According to the SBI, one of the bank's shareholders organized a complex lending scheme for companies controlled by him between 2007 and 2015, which allowed the bank's funds to be transferred to offshore accounts for their further legalization.
The scheme worked thanks to loyal senior bank officials who unjustifiably increased credit limits for companies controlled by the shareholder. Only one such episode caused the bank losses of over 608 million hryvnias. To mask their actions, the members of the criminal organization concluded additional agreements to the main credit agreements, increasing the limits without securing the bank with liquid collateral.
The defendants are charged under Articles 255 and 191 of the Criminal Code of Ukraine, which provide for participation in a criminal organization and embezzlement of someone else's property on an especially large scale. They face up to 12 years in prison with confiscation of property and a ban on holding certain positions for up to three years.
The defense is currently reviewing the case materials, after which it will be transferred to court. It is worth noting that last year a case was already opened against one of the former deputy chairmen of the bank's board, who is suspected of withdrawing more than 560 million hryvnias in favor of the owner.
