The State Financial Inspectorate of Ukraine after carrying out checks on Ukragroleasing has uncovered losses of state funds of UAH 357 million.
The inspectorate reported that an off-schedule check covered the period of the company's operation from October 2012 to October 2013.
During a stocktaking, a lack of almost 2,000 units of machinery, which were leased to 38 economic entities for storage, was established. The sum of losses of the state amounts to UAH 165 million.
Inspectors also did not find 16,400 units of machinery issued to farmers to financial leasing worth over UAH 144 million. In addition, the inspectorate said that Ukragroleasing spent budget funds with extra expenses, buying machinery for the leasing, the need for which was not registered.
After the checks, the inspectorate also established bad bills receivable on payment of leasing fees worth over UAH 300 million.
"The debt appeared due to the insufficient control of clear criteria of selection of farmers during the transfer of machinery and equipment to financial leasing by officials of Ukragroleasing," reads the report.
The inspectorate said that despite the losses seen in 2012, in H1, 2013 Ukragroleasing illegally issued UAH 15 million of loans for development of business to economic entities, including commercial companies.
The documents on the checks will be submitted to law-enforcement agencies.
