Some UAH 300 mln withdrawn from BG Bank before declaring it insolvent

15:20, 09.01.2018 1 min read

The Individuals' Deposit Guarantee Fund has revealed the schemes for the removal of liquid assets worth UAH 300 million from BG Bank on the eve of declaring this financial institution insolvent, the fund reported on its website

According to the report, all manipulations for the removal of assets were held within one week, they were preceded by a change of shareholders and the management of the bank.

Thus, government domestic loan bonds with a nominal value of $4.7 million were sold for UAH 8,300. These operations with securities caused damage to the bank for at least UAH 71.15 million.

In addition, the working loan portfolio of the bank in the amount of UAH 235.29 million was sold at a price ten times lower than the total amount of debt of the borrowers: the price of claims under the credit agreements amounted to UAH 23.53 million.

By signing a contract for the transfer of the debt, which has clear signs of fictitiousness, an operation was carried out that led to the bank's losing credit assets worth EUR 4.32 million.