17:26 15.01.2018

Forensic audit of Bank Khreschatyk testifies to complicity of bank managers, owners in UAH 2.5 bln loss

2 min read
Forensic audit of Bank Khreschatyk testifies to complicity of bank managers, owners in UAH 2.5 bln loss

The forensic audit of Bank Khreschatyk, which was declared insolvent in April 2016, testifies to the complicity of the bank managers and owners to losses amounting to more than UAH 2.5 billion, according to the Individuals' Deposit Guarantee Fund's website.

According to the report, the forensic audit of the bank was conducted by Actio on the initiative of the Individuals' Deposit Guarantee Fund. The analysis shows that starting from 2013 the actions of the management, the supervisory board and the owners of the bank were not aimed at obtaining profit and improving financial stability, but had the signs of risky transactions and were aimed at removing financial assets from the bank. Thus, for the audited period, the bank's non-compliance with the principle of credit security was established: a significant part of loans, the bank issued to legal entities, was classified as unsecured, as well as decisions on conducting transactions with equities were considered as ineffective.

Starting from 2014, the liquidity of the bank was constantly deteriorating, but the management of the bank did not react to a significant decline in highly liquid assets and continued the policy of their further decline, which subsequently led to the bank's inability to fulfill its obligations.

As reported, the NBU on April 5, 2016 declared Bank Khreschatyk insolvent, and on June 2 of the same year, at the suggestion of the Individuals' Deposit Guarantee Fund, decided to revoke the banking license and liquidate the financial institution.

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