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Ukrainian Deposit Guarantee Fund uncovers illicit asset withdrawal at VTB Bank

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Ukrainian Deposit Guarantee Fund uncovers illicit asset withdrawal at VTB Bank

The Ukraine's Deposit Guarantee Fund discovered that 105 million Ukrainian hryvnia of assets had been removed from JSC VTB BANK's balance sheet before the revocation of its banking license.

The fund, which oversees the liquidation of the Ukrainian bank, said that ownership rights to 46 pieces of real estate, held on the lender's balance sheet since 2015, were transferred to an individual Dec. 13, 2018, and then further to a company registered at the end of November 2018.

The fund said Jan. 14 that it has notified law enforcement authorities about the irregularities.

VTB Bank Ukraine, controlled by Russia-based VTB Bank PJSC, was declared insolvent in November 2018 and the Ukrainian central bank revoked its license Dec. 18, 2018.

As of Jan. 14, US$1 was equivalent to 28.10 Ukrainian hryvnia.