11:27 16.01.2018

Deposit Guarantee Fund initiates criminal case against former VAB Bank president

2 min read
Deposit Guarantee Fund initiates criminal case against former VAB Bank president

The Individuals' Deposit Guarantee Fund (IDGF) has initiated a new criminal case against former President of VAB Bank (Kyiv) Serhiy Maksymov on suspicion of large-scale embezzlement of the financial institution's funds, reads a report posted on the IDGF's website.

The debts of firms that are subordinate to and connected with Maksymov, under the loans granted by the bank, currently exceed UAH 2 billion.

"The issue concerns more than 25 loan agreements signed in 2004-2009... The last payment for servicing such loans was made five years ago, and the lion's share was not served for more than eight years. In addition, the vast majority of legal entities that borrowed the funds started the bankruptcy procedure, and some of them have already been liquidated," the statement reads.

According to the report, due to the revealed criminal actions of the bank's former president, the IDGF's authorized person applied to law enforcement agencies with a statement about large-scale embezzlement of the bank's funds, legalization of proceeds from crime.

According to the results of the investigation, the chief investigation department of the Ukrainian Interior Ministry notified Maksymov of suspicion of committing a number of particularly serious crimes. The pre-trial investigation found that the bank's ex-president, in preliminary agreement with other persons, seized VAB Bank's funds in especially large amounts by issuing fictitious loans to enterprises controlled by him. The funds received as a result of a number of fictitious transactions were transferred to other controlled companies and then to the personal accounts of Maksymov and those controlled by him.

The court chose for him a measure of restraint in the form of detention. Due to the fact that the whereabouts of the suspect were not established, Maksymov was placed on the international wanted list. However, at the beginning of 2017, the criminal proceeding against Maksymov on suspicion of embezzlement of the bank's funds was closed. VAB Bank, which has the status of a victim in the proceeding, disagreed with this decision and, on the complaint of the IDGF's authorized person, the unlawful decisions of the investigator and the prosecutor were canceled by the court and the investigation in this case resumed.

On March 20, 2015, the NBU decided to revoke the banking license and liquidate VAB Bank.

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