More than Hr 300 million were withdrawn from Bank Boguslav (Kyiv) through lending to related persons in 2016-2017, the Individuals’ Deposit Guarantee Fund reported on its website.
“During the liquidation procedure of Bank Boguslav it was revealed that during 2016-2017 the bank issued credit funds to the companies that are linked by different signs to each other or to the bank. In particular, it was established that borrowing companies did not have their own cash receipts in an amount sufficient to service the credit debt and carried out activities exclusively at the expense of the received credit funds,” the report says.
The credit funds received at Bank Boguslav were transferred by these companies to the accounts of various enterprises opened in this and other banks on the basis of business transactions with the signs of fictitiousness.
The fund said the analysis of the financial statements of these borrowers indicates that the actual volume of transactions on the accounts does not correspond to those indicated in the financial and tax reports, they have no or have insufficient own non-current assets, current assets mainly consist of debtor indebtedness, economic activity is unprofitable or with a minimal profit. As a result, the total amount of debt of these borrowers reached about Hr 304 million, or 60 percent of the debt on all loans issued by the bank.
