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Gaining momentum in the investigation of hundreds of millions of dollars withdrawn from Ukrainian banks via Austria offshore.
Illustration REUTERS
The anti-corruption Prosecutor’s office of Austria investigates a criminal case on suspicion in money laundering through Meinl Bank in 2016. It is a private Austrian Bank medium size, which specializiruetsya mainly on asset management and stock management.
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As found by DW, a few years of investigation the case has become significant. “The investigation is conducted against 30 individuals and one Association”, – reported in Prosecutor’s office. The names of the suspects the office is not known, however it is known that among them there are citizens of Ukraine.
In criminal proceedings it is the disappearance of money from the correspondent accounts of Ukrainian banks in Austria. According to the Deposit guarantee Fund, with a corresponding accounts with Meinl Bank was illegally withdrawn 385 million dollars and 75 million euros. The money was sent on the instructions of the owners or top management of the bankrupt banks in the offshore in 2014-2015, as a rule, at the last moment before entering into the troubled banks of the interim administration. Thus was the stolen money of the Ukrainian depositors, most of which after the bankruptcy of the banks are left with nothing.
According to the Ukrainian Deposit guarantee Fund, in particular through Meinl Bank withdrew $ 38 million of “PIVDENCOMBANK”, 40 million of “Terra Bank”, 39.5 million dollars from “VAB Bank”, 62 million euros from “City commercial Bank” and $ 44 million from the Bank “Kyivska Rus”.
Scheme to get money is simple: the Bank Austria on the instructions of the owner of the Ukrainian Bank provides loans under the control of Ukrainian offshore companies. Responsibility of these loans are funds on correspondent accounts of Ukrainian banks in the foreign Bank, which gives credit for example, Meinl Bank. In the end, the offshore company does not repay the loan and “guarantee” funds from the correspondent account of a Ukrainian Bank takes as collateral the Austrian Bank. This kind of transaction on the banking jargon called “operation back-to-back”. They are not illegal, but they are often used for money laundering.
As reported in the Deposit guarantee Fund, in 2014-2015 with the help of such “schemes” from the Ukrainian banks were put in just 846 million dollars and 75 million euros. Before money is debited in this way on the eve of the introduction of the interim administration ran the owners of 14 Ukrainian banks. In addition to Austria, the investigation on suspicion of money laundering carried out by Ukrainian banks in Liechtenstein, DW confirmed the attorney General of this country.
The worst part is that, according to the Deposit guarantee Fund, through the Bank Frick and Co. In particular, 25 million out of the Bank “national credit”, 59 million dollars from the Bank “Finance and Credit” and 115 million of “Delta Bank” Nicholas Lagoon. The Bank of Laguna conducted the most large-scale transactions using correspondent accounts under the scheme back-to-back. In addition to the money derived through the Liechtenstein of “Delta Bank” was derived 99 million through the Austrian Meinl Bank and almost 184 million dollars in East-West United S. A in Luxembourg.
By law, the owners of the banks of their property are responsible for causing damage to banks. Given this, the Deposit guarantee Fund is preparing a contest in which will be found of foreign legal companies which will find the assets of the owners of failed banks around the world and to represent the interests of the Fund in foreign courts and international arbitrations.