Agrarian Fund raises UAH 300 mln credit from Ukrgasbank

14:23, 20.10.2015 1 min read

Public joint-stock company Agrarian Fund has taken a one-year credit of UAH 300 million from Ukrgasbank (both based in Kyiv).

The company said that the credit rate is 25% per annum.

"Despite the difficult conditions for the operation of the banking system, Agrarian Fund managed to find funds for further financing of forward programs and purchases of grain for the provision of food security in the country," reads the report, citing Agrarian Fund Board Chairman Andriy Radchenko.

He said the fund had to borrow due to the corruption of its previous top managers.

"The previous top managers of the Agrarian Fund place over UAH 2 billion in the accounts of Brokbusinessbank and UAH 300 million in Radical Bank. Temporary administration was introduced at the two banks and we cannot take these funds," he added.

He said that the funds in the troubled banks amount for half of the charter capital of the fund, and there is no possibility of carrying out further operations without additional financing.