14:21 14.06.2013

WebMoney not able to continue physical payments to partner companies, says statement

3 min read

Users of the WebMoney payment system in Ukraine have become hostages to the actions of the fiscal agencies, and the operator has been put in a position in which it is unable to continue physical payments to its partner companies, reads a statement by WebMoney posted on its official Web site on Friday.

"On June 11, 2013, over UAH 60 million, which belong to 2.5 million users and provide for the fulfillment of liabilities of the system to them, were arrested," reads the document.

The company said that at present, all internal transactions with U-purses can be carried out, and the technical base for the said processes has been fully restored.

WebMoney also noted the many attempts, starting from late 2010, to agree the rules of the electronic money system at the National Bank of Ukraine (NBU), although the final rules were not considered by the regulator.

In addition, the company denied accusations that the WebMoney system was used to avoid paying taxes.

"The allegation of the official sources that the WebMoney system is used to avoid paying taxes is absurd, as payment of taxes and duties is an obligation of each individual citizen or company, irrespective of the form of payments they use for receiving income – cash, cashless payments of financial assets," the company said.

The operator also denied the allegation on the possible participation of the WebMoney system in financial pyramids.

"The rules of the system always banned the organization and participation in the financial pyramids, while attempts not to observe the rule always quickly stopped," reads the statement.

As reported, state tax officers on June 11 were searching WebMoney's Kyiv office.

Some media reports said that the search was also conducted at places of residence of some top managers of the company.

Ukraine's Income and Tax Ministry of Ukraine achieved the blocking of UAH 60 million on accounts related to WebMoney due to infringements in the operation of WebMoney Transfer LLC in Ukraine. Later WebMoney said that its operations were restored in full and called on clients not to panic, although users continue posting complaints on forums.

The National Bank of Ukraine (NBU) said on Friday that WebMoney Transfer LLC does not have a permit for operations.

The Income and Tax Ministry of Ukraine said on Friday that the operator of the WebMoney payment system in Ukraine is suspected of illegally operating with documents regarding remittances, payment cards, electronic money, equipment for their production (part 1 of Article 200 of the Criminal Code of Ukraine) and money laundering (Part 3 of Article 209 of the Criminal Code of Ukraine).

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