Delta Bank chairman, three execs suspected of embezzling UAH 1.7 bn - PGO head

Delta Bank chairman, three execs suspected of embezzling UAH 1.7 bn - PGO headThe department investigating major cases in the economic area of Ukrainian Prosecutor General's Office (PGO) has notified board chairman of Delta Bank (Kyiv) Olena Popova and three more persons that they are suspected of embezzling UAH 1.7 billion of the bank's funds.

Prosecutor General of Ukraine Yuriy Lutsenko has said this on his Facebook page.

"The investigators are focusing on the following: the signing of invariably loss-making agreements for Delta Bank. $150 million were sent by the plotters to affiliated companies," he said.

He said that the icing on the cake of bankers was the removal of the funds to Bonnie and Clyde LLC with the further get-away of all plotters abroad.

"Now they are in the trouble. Sooner or later we will catch them," Lutsenko said.

The press service of PGO said that the case was opened under Part 5 of Article 191 of the Criminal Code of Ukraine (large-scale embezzlement). Punishment is up to 12 years of imprisonment with a seizure of property.

During the pretrial investigation, it was established that over $150 million were sent to accounts of a Ukrainian company as an advance payment to offshore non-resident companies for the implementation of fake contracts.

The press service said that along with Popova the group included deputy director of one of the bank's departments and two directors of companies affiliated with the bank.

Delta Bank was founded in 2006. Its largest shareholders in early 2015 were Mykola Lahun (70.6059%) and Cargill Financial Services International, Inc. (29.3941%).

Delta Bank ranked fourth among 158 banks operating in the country on January 1, 2015, by, total assets (UAH 60.303 billion), according to the National Bank of Ukraine (NBU).

The NBU on October 2, 2015, at the suggestion of the Individuals Deposit Guarantee Fund decided to revoke the banking license and liquidate Delta Bank.

The bank's obligations to individuals totalled UAH 28.97 billion on April 1, 2015, in particular in foreign currency UAH 18.18 billion.
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