Thursday, May 4 2017 23:26 EEST
Ukraine
PGO investigating embezzlement of over UAH 4 bln by employees, shareholders of Pivdencombank, Terra Bank
PGO,  Investigating, Embezzlement, Employees, Shareholders, Pivdencombank, Terra, Bank

Ukrainian Prosecutor General's Office (PGO) is conducting a pretrial investigation in a criminal case relate to facts of embezzlement of funds in the amount of over UAH 4 billion by employees and shareholders of public joint-stock company Pivdencombank (Donetsk) and public joint-stock company Terra Bank (Kyiv) that resulted in declaring these banks insolvent.

The PGO said in a press release that the funds were embezzlement in 2011-2014 via signing some doubtful credit agreements with shell companies which were directly or indirectly affiliated with the owners and top managers of the above-mentioned banks.

The PGO said that today investigators have proved facts of embezzlement of UAH 360 million belonged to Terra Bank. Seven members of a criminal group headed by the owner of the bank Ruslan Tsyplakov were notified that they are charged with the embezzlement of the bank's funds on an especially large scale.

On April 27, 2017, PGO jointly with the police raided the places of residence of the suspects. Two persons were detained and five other were put on a wanted list.

Earlier Donetsk filtering station cut off water supply of Avdiivka