18:42 15.11.2018

Former City Commercial Bank president suspected in Ukraine of embezzling UAH 300 mln detained in Latvia

2 min read
Former City Commercial Bank president suspected in Ukraine of embezzling UAH 300 mln detained in Latvia

At Ukraine's request, Latvian law-enforcement officials have detained public joint-stock company City Commercial Bank (City Commerce Bank) President Reynis Tumovs, who was on the international wanted list.

National Police of Ukraine investigators collected evidence of the involvement of managers of this financial institution and commercial structures to withdraw and assign assets of the bank. The National Police's press service said on Thursday the amount of damage is almost UAH 300 million.

"During the investigation it was established that during 2013-2014 officials issued loans to fictitious companies, and funds were legalized through commercial structures under their control. In particular, fictitious enterprises were provided loans to secure property whose value was overestimated tenfold," the press service said.

Bankers were served notices of suspicion: The president and one of the owners of City Commercial Bank under Part 3 of Article 27-h and Part 5 of Article 191 (misappropriation, embezzlement or seizure of property through abuse of official position) of Ukraine's Criminal Code, as well as under Part 3 of Article 209 (legalization [laundering] of proceeds from crime). Chairman of the Board of bank was served under Part 5 of Article 191.

The leaders of fictitious enterprises were also served with suspicion notices under Article 205 (heading a fictitious enterprise) of Ukraine's Criminal Code.

The heads of the bank were put on the international wanted list in 2017. In October 2018, Latvian law-enforcement officials detained the president of City Commercial Bank, remanding him to pretrial custody for one year.

"It has also established that the chairman of the board of the bank, having received Russian citizenship, left for the temporarily occupied territory of the Autonomous Republic of Crimea," the press service said, adding that the police are preparing materials to extradite the bank's president.

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