Public joint-stock company VTB Bank (Kyiv) has waived a loan of bankrupt company Ukrainian Hotel Management LLC (Dnipro) as uncollectable debt, the financial institution has reported on its website.

"The loan in the amount of around $15 million was reserved by VTB Bank and waived at the end of 2016," the bank said.

The bank also said that it stopped claim-related work seeking to collect the property of Dnipro military hospital, which was used as collateral for this loan.

"In 2017, the bank did not put forward any claims to the hospital's building and does not plan to do this in the future," VTB Bank said.

The financial institution said that at the moment when the loan was issued the borrower was part of Westa Group, which ultimate beneficiaries are Denys Dzenzersky and his father Viktor Dzenzersky.

"When the bank issued the loan it hoped that the borrower would honestly meet the financial commitments taken. The bankruptcy procedure for Ukrainian Hotel Business could be finished in 2017-2018," the bank said.

The Polish Financial Supervision Authority (PFSA) is suspecting Ukrainian lawmaker Denys Dzenzersky (People's Front parliamentary faction) of deceiving investors on the Warsaw Stock Exchange (WSE).

PFSA jointly with Luxembourg authorities is investigating into the unauthorized use of investment raised on the WSE by WESTA ISIC S.А. (Luxembourg).

In addition, systemic violation of accounting standards was revealed at Westa ISIC.

The Polish Pension Fund saw PLN 5 million of loss ($1.37 million at the exchange rate of the National Bank of Poland).

Dzenzersky could be imprisoned for the term of up to five years for the above-mentioned steps.

Westa Corporation was one of the largest producers of lead-acid batteries in the CIS.