KIG, Forum Group's structures withdraw collateral for UAH 880 mln from bank Khreschatyk
Kyiv Investment Group (KIG) and Forum Group have withdrawn liquid collateral for UAH 880 million from bank Khreschatyk using the scam of paying credits taken in bank by affiliated structures, the Individuals Deposit Guarantee Fund has said in a press release.
"Only in four days early April 2016 the portfolio of insider loans of the bank narrowed by UAH 880 million, to UAH 2.41 billion," the fund said.
The fund said that the bank carried out several transactions aimed at quick narrowing the credit portfolio of KIG Group seeking to release liquid property from collateral liabilities (property and land parcels).
The scam was also used for the credits of the group of affiliated entities – Forum. The fund said that the bank bought junk securities from these affiliated entities. These entities sent the funds from the sale of the securities to charter capitals of new companies, which in turn, bought claims to credits earlier issued to the above-mentioned affiliated entities from the bank. Thus, the funds for securities were returned to the bank as payment for claims to credits.
One more scam was the following: bank Khreschatyk credited affiliated entities that bought construction equipment from nonresident Alesio Universal S.A. Tortola (British Virgin Islands), the ultimate beneficiary of which is former shareholder in the bank Andriy Ivanov. The total sum of credit funds was $31.3 million. Despite the fact that this was the advance payment, no contract was fulfilled. These transactions were removed from currency oversight.