SBI submits to court case against former top managers of Finance and Credit Bank for financial mismanagement (video)
The State Bureau of Investigation under the procedural supervision of the Prosecutor General’s Office has completed the investigation of a criminal case against former top managers of Finance and Credit Bank suspected of embezzling the bank’s property worth over UAH 608 million as part of a criminal group.
The indictment was submitted to the court.
The investigation established that between 2007 and 2015, one of the bank’s shareholders organised an illegal lending scheme to companies under his control to withdraw bank funds to offshore accounts for further legalisation. The scheme was supported by trustees and senior bank officials loyal to the shareholder.
In one of the episodes of this activity, the bank incurred losses of over UAH 608 million due to lending to a company controlled by the shareholder.
In order to make their actions look legitimate and conceal the illegal origin of the funds, the members of the criminal group entered into more than a hundred additional agreements to the main loan agreement over five years, unreasonably increasing the credit limit for the borrower. At the same time, the bank did not receive any liquid collateral.
The former bank executives are accused of crimes under Article 255 of the Criminal Code of Ukraine (participation in a criminal organisation) and Article 191 of the Criminal Code of Ukraine (embezzlement of property on a large scale through abuse of office as part of a criminal group).
The defendants face up to 12 years in prison, deprivation of the right to hold certain positions for three years and confiscation of property.
