Banks, Financial Services, Latvia, Legislation, Ukraine
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Saturday, 20.04.2024, 00:46
Co-owner of Ukraine's CityCommerce Bank suspected of pocketing EUR 9.5 mln detained in Latvia
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The Ukrainian law enforcement officials said that the ex-president of CityCommerce Bank was detained in October.
At the request of the Ukrainian side, Latvian law enforcement authorities detained an internationally sought co-owner of CityCommerce Bank. The financial institution’s president and CEO had been syphoning the bank’s assets though commercial structures under their control. Preparations are currently under way for the detained banker’s extradition, the Ukrainian police said.
Evidence obtained by investigators suggests that the bank’s management has been involved in embezzling nearly UAH 300 mln of the bank’s assets.
The investigation has established that in 2013 and 2014 the bank’s managers issued loans to nonexistent firms and laundered the money through commercial structures under their control. The fictitious firms were granted loans against properties the value of which had been increased dozens of times.
In 2017 the bank’s managers were put on a list of internationally wanted criminals. The bank’s CEO has fled to Crimea, which has been annexed by Russia, and obtained Russian citizenship.
CityCommerce Bank is currently in the process of liquidation, scheduled for completion in March 2019.
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