Some $25.47 million has been withdrawn from Bank National Credit in favor of insiders, the Individuals’ Deposit Guarantee Fund reported on its website.
“The amount equivalent to a quarter of the balance sheet of PJSC Bank National Credit has been debited from the correspondent account of Bank Frick and Co Aktiengesellschaft (Liechtenstein) in favor of foreign companies. And these were the newly created firms, and their founders were employees from Bank National Credit. The matter concerns about $25.47 million, or more than UAH 500 million,” a statement reads.
According to the report, the market value of all the assets of Bank National Credit was estimated by independent appraisal companies at UAH 178 million, or 9% of the amount indicated “on paper” – UAH 1.943 billion (as of December 1, 2015).
“Another reason for this difference was the signing of agreements unprofitable for PJSC Bank National Credit prior to the introduction of temporary administration in the bank. For example, the rights of claim were bought at an overvalued price, the bank alienated property at the prices lower than usual, and there are also cases when the bank refused its own property claims,” the report says. (Interfax-Ukraine/Business World Magazine)
