PGO resumes case on withdrawal of $50.63 mln from Delta Bank
The Individuals' Deposit Guarantee Fund has achieved the resumption of criminal proceedings against one of the former top managers of insolvent Delta Bank, who is suspected of withdrawing almost $50.63 million, the fund has reported.
According to the report, in November 2012 one of the managers of Delta Bank on behalf of the bank signed a deposit and pledge agreement with Bank Winter & Co. Aktiengesellschaft (Austria). Under this agreement, Delta Bank pledged an interbank deposit in U.S. dollars to the Austrian bank as collateral for obligations under the loan agreement of the offshore company Jamico Finance Ltd (the Virgin Islands). In addition, Bank Winter & Co. Aktiengesellschaft was granted the right to independently write off funds from the deposit after a written notification of the borrower's failure to fulfill obligations under the loan agreement.
Further Bank Winter & Co. Aktiengesellschaft sent a message to Delta Bank on debiting funds from this deposit account because Jamico Finance Ltd had not fulfilled its obligations under the loan agreement and wrote off the entire amount of $50.63 million from the correspondent account. There are no documents in the bank regarding Jamico Finance Ltd, the decisions of the credit committee, the supervisory board, internal orders of the bank on these issues, and nothing is recorded in its accounting systems.
The former top manager of Delta Bank, who directly signed the deposit and pledge agreement with Bank Winter & Co. Aktiengesellschaft, was reported on suspicion under Part 5 of Article 191 of the Criminal Code of Ukraine: embezzlement of property or seizing it by abusing official position on a large scale, which involves imprisonment of seven to 12 years with confiscation of property and the prohibition to engage in certain activities. The suspect himself during interrogation claimed that he had not signed the contract and letters to it.