16:49 21.12.2016

Court seizes $600,000 during search involving Ukrgasbank former employees – PGO

2 min read

Kyiv's Pechersky District Court has seized almost $600,000, which was found during a search as part of a criminal investigation into embezzled credit funds by the former executives of Ukrgasbank.

The press service of the Ukrainian Prosecutor General's Office (PGO) on Wednesday said the special economic crime investigations unit at the PGO is conducting a pretrial investigation into the embezzlement of around UAH 140 million in credit funds by former Ukrgasbank executives, in violation of Part 2 of Article 364, Part 5 of Article 191 of Ukraine's Criminal Code (embezzlement resulting in excessive losses).

The investigation has honed in on the activity of Ukrgasbank employees from 2008 to 2010.

"During the course of the pretrial investigation several searches were conducted. Cash was found and seized in the amount of $600,000, stashed away in a bank safe-deposit box of an independent assessor, who appraised the value of pledged equipment. At the behest of the PGO, Kyiv's Pechersky District Court ordered the funds seized," the PGO press service said.

The pretrial investigation continues.

As reported, on December 14, 2016 employees of the Ukraine's PGO, the National Police and the State Security Service (SBU) conducted searches at nine addresses as part of a pretrial proceedings against former Ukrgasbank executives.

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