"Commenting this insanity makes no sense. The key question is when and where the money was siphoned off to. I really “enjoyed” the expression that the former management served in the interests of the shareholder. And whose interests they should have served in after all? In the interests of Poroshenko or Hontareva along with Rozhkova?" Kolomoiskyi said.
NBU said Jan. 15 that the independent investigation by Kroll confirmed at least $5.5 billion being siphoned off from PrivatBank before its nationalization.
Earlier, Ukraine’s Prosecutor General's Office launched a probe into possible collusion of employees of Privatbank, Ukraine’s National Bank, and Kroll Associates U.K. Limited, a U.K.-based investigative firm involved in anti-corruption campaign in Privatbank before its nationalization. The PGO initiated a case into bringing Privatbank to insolvency on July 4, 2017.
Bank's Board Chairman Oleksandr Shlapak said 36 loans were signed by the former chairman of the board, Oleksandr Dubilet, with him exceeding the powers. The National Bank was provided unreliable data on uncovered credit risk and undeveloped reserves, and borrowers were not checked for relatedness, their financial position was artificially overstated.
On Dec. 18, 2016, the Cabinet of Ministers announced its decision to nationalize Privatbank, the largest privately-held bank of Ukraine. The government intends to issue 30-year domestic government loan notes worth 150 billion hryvnia ($5.54 billion) and become a 100-percent owner of the bank. The bank's first deputy CEO announced the decision was made after an unprecedented information attack on the bank and a threat it posed to its clients. The bank's leadership assured the clients their savings will be safe, naming it the key condition in the talks. In his turn, Minister of Finance Oleksandr Danyliuk confirmed the clients' money will be safe and protected by the state. Due to the nationalization procedure, Privatbank halted corporate transactions for one day, till 9 a.m. Dec. 20, 2016.
According to the National Bank of Ukraine, Privatbank needs 148 billion hryvnia in additional capitalization. The finance minister said that after Privatbank is stabilized, the state plans to sell it. In turn, President Poroshenko said the state guarantees safety and integrity of the client's funds.
The decision on the Privatbank nationalization has been supported by IMF, EBRD, the G7 countries, the EU and the U.S.