The Individuals’ Deposit Guarantee Fund has revealed the schemes used for the removal of liquid assets worth $10.56 million from BG Bank before the financial institution was declared insolvent. The fund published its report on its website, 112.ua reports.
According to the report, all transactions leading to the removal of assets were conducted within a period of just one week, and they were preceded by a change of shareholders and the management of the institution.
Hence, internal government bonds with a nominal value of $4.7 million were sold for $292. These transactions involving securities cost the bank at least $2.5 million. Also, the working loan portfolio of the institution amounting to $8.3 million was sold at a price ten times lower than the total amount of the borrowers’ debt: claims under the credit agreements amounted to $828,230.
By entering the agreement for the transfer of the debt, which has clear indications of fictitiousness, the management of the institution conducted a transaction that resulted in the bank losing credit assets worth €4.32 million.
The fund also pointed out that all incidents of manipulations with the bank’s assets were the grounds for statements of criminal offences directed to law enforcement agencies. Criminal investigations have launched based on all statements filed by the bank.
In February 2015, the National Bank of Ukraine approved the decision to withdraw the banking license granted to PJSC BG Bank and to dissolve the financial institution. As of early December 2017, the Individuals’ Deposit Guarantee Fund has paid over $9.4 million to the bank’s customers.