Law enforcers raid nine places in Ukrgasbank UAH 140 mln embezzlement case

11:04, 15.12.2016 1 min read

Officers of Ukrainian Prosecutor General's Office, National Police and Security Service of Ukraine (SBU) have raided nine places investigating into a criminal case over embezzlement of UAH 140 million by former officials of Ukrgasbank.

The press service of the PGO reported on Wednesday that the case was opened under Part 2 of Article 364 and Part 5 of Article 191 (abuse of office, embezzlement on an especially large scale) investigating the period of 2008-2010.

"Former officials of Ukrgasbank abusing their office deliberately provided a loan of UAH 100 million to an affiliated entity. The credit was not returned and the cost of property used as collateral – a nonresidential building – was artificially set 10 times more than the market price with the help of an independent appraiser authorized by Ukrgasbank. At the moment of the privatization the house was assessed at UAH 14.2 million and in the period when the credit was issued at UAH 149.8 million. Using this fraud scheme, almost UAH 3.2 billion was withdrawn from Ukrgasbank," PGO said.