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Police raids Privatbank's headquarters as part of criminal probe

Police raided the headquarters of Ukraine's JSC CB Privatbank on Sept. 11 as part of a criminal investigation into alleged misconduct by some of the bank's officials, Reuters reported.

Some bank officials are accused of overstepping their authority by signing agreements with certain domestic and foreign consulting firms and advisers, according to the report.

"It is worrying that, under the justification of an alleged "illegality" of recruiting companies, the district police department and prosecutor's office are trying to seize all documents related to the legal protection of the bank," PrivatBank reportedly said. "The bank regards the implementation of operational measures for the forced seizure of several documents involving unjustified numbers of police special forces and unknown persons as pressure and an obstacle to the normal operation of the office."

Privatbank was nationalized in 2016 after its shareholders, including powerful Ukrainian businessman Ihor Kolomoisky, failed to recapitalize it. Ruling in a dispute between Kolomoisky and Ukrainian authorities, the Kiev District Administrative Court in April declared the 2016 nationalization of Privatbank as unlawful, with the central bank appealing the ruling. The Ukrainian central bank could reportedly nationalize Privatbank for the second time if the regulator's 2016 decision regarding its takeover is annulled by court.