Ukrainian cash carousel: as $1.7 billion of Bank loans were in the offshore – Reuters

42 companies that were registered in Dnipropetrovsk region, brought from Ukraine to offshore in the period from may 28 to September 1, 2014 $ 1.7 billion.

About this newspaper writes Reuters.

According to published investigation, six companies with registration in the UK and in the British virgin Islands had to sell Ukrainian companies goods, from manganese ore and oil to cranes and mechanical teleoperation. To pay for the supply of Ukrainian firms would receive credit in “PrivatBank”.

However, even once the contract had not been made, and the money foreign companies are translated at the Cyprus branch of “PrivatBank”.

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“Offensive statement”: banking expert commented on the findings Kroll at PrivatBank

An example of a fictitious nature, in the opinion of the author, is the agreement that was signed between the companies Profit and Trade Point Agro. According to him, was to be held sending the firm Profit 24 tons 250 kg of polyethylene and other polymer products. Agro Trade Point has not sent the product, but sent the money to the Cyprus branch of “PrivatBank”. The amount of the transaction accounted for 48.5 million dollars. In the end, the contract was terminated. Agro Trade Point agreed to pay the money until November 4th 2014, but this supposedly was never done.

Agreement between a Profit and a Trade Point Agro is part of the pre-trial investigation, which examines the Economic court in Dnipropetrovsk region. The investigation is trying to determine whether dozens of companies involved in shadow schemes, which involved former officials of “PrivatBank”. During pre-trial investigation, prosecutors try to determine who is in “PrivatBank” could commit a crime.

Reuters correspondent was unable to find in London named in the registration documents of three of the company Trade Point Agro, Teamtrend Limited and Collyer Limited. These legal persons involve alleged schemes to withdraw money from Ukraine. Trade Point Agro and Teamtrend was for one Director. Sent to addresses requests for information remained unanswered.

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The Kroll report no criminal threats to former shareholders of the “PrivatBank” – the sources in the GPU

The company Profit also failed to provide information. To contractor at the legal address failed.

Consulting firm Gabara Strategies, which supposedly acts on behalf of Igor Kolomoisky and Gennady Bogolyubov, told Reuters: “Loans to the companies mentioned did not lead to the loss of 1.7 billion U.S. dollars, or to any loss “PrivatBank””. “The loans were repaid, as “PrivatBank” always had adequate collateral for these loans,” – said in the message.

Recently, the national Bank of Ukraine has published the investigation company Kroll. According to the published document, the former owners of “PrivatBank” was damaged in the amount of 5.5 billion dollars. The company Kroll believe that “the loan funds were used to purchase assets and financing business in Ukraine and abroad in favor of the former shareholders and groups affiliated with them persons.” “The mechanisms that were used to disguise the real sources and destination of loans, are characteristic features of the co-ordinated scheme of money laundering. The volume of transactions and the speed of their conduct (within a few minutes between operations), the absence of a sound economic connection between the person who repays the loan to the original borrower, as well as the widespread use of offshore special purpose companies (SPV), evidence of attempts to hide the true destination of funds from regulators and other stakeholders”, – noted in the investigation.

Ukrainian cash carousel: as $1.7 billion of Bank loans were in the offshore – Reuters

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