Ukrtranskhimammiak's ex-head Bondyk suspected of $ 2.3m embezzlement – Ukrainian PG

Ukrtranskhimammiak's ex-head Bondyk suspected of $ 2.3m embezzlement – Ukrainian PGThe Prosecutor General's Office of Ukraine has reported about the suspicion of embezzlement of state property worth $2.3 million to the former director of the state-run enterprise Ukrtranskhimammiak, Viktor Bondyk, Prosecutor General Yuriy Lutsenko has said.

"In the course of the investigation of the case of Ukrtranskhimammiak LLC, it was reported that suspicion has been announced to former director Bondyk. The PGO suspects him of transferring the state enterprise's money in 2007-2016 to the Amsterdam Trade Bank. The losses are preliminarily estimated at $2.3 million. Bondyk's accounts were arrested in Switzerland," Lutsenko wrote on his Facebook page on Friday evening.

On Saturday, March 11, the press office of the Prosecutor General's Office reported that Bondyk is accused of embezzling state property in especially large amounts by prior arrangement with a group of persons, that is in committing a criminal offence under Part 5 of Article 191 of the Criminal Code of Ukraine. This article envisages the punishment in the form of imprisonment for up to 12 years with confiscation of property.

"The pre-trial investigation has found that former director of Ukrtranskhimammiak Bondyk without any real need, despite the economic inexpediency and ignoring the existing profitability of the enterprise, on December 22, 2010, deliberately concluded on behalf of the Ukrtranskhimammiak with the Amsterdam Trade Bank an urgent loan agreement worth $35 million at an interest rate of 8% in order to replenish the current assets," the Prosecutor General's Office said.

In addition, Bondyk having no need and without preliminary approval from the Finance Ministry of Ukraine and with the purpose of concealing the embezzlement of funds under the first loan, on November 23, 2011, deliberately concluded on behalf of Ukrtranskhimammiak the second contract with the Amsterdam Trade Bank on an urgent credit line for the amount of $48.2 million at an even higher interest rate - 9.25%, including for repayment of debts under the previous loan.

"Due to such actions by Bondyk in the period from January 1, 2015, to November 15, 2016, alone, the Amsterdam Trade Bank was paid $2.3 million, which under the then rate of the National Bank of Ukraine was UAH 58.3 million, as interest for the use of inexpedient and economically unreasonable loan," the report reads.
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