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Deposit Guarantee Fund files lawsuit against Imexbank owner Klimov to compensate for bank's losses
KYIV. Jan 13 (Interfax-Ukraine) – The Deposit Guarantee Fund has filed a lawsuit with the Economic Court of Kyiv against the owner of Imexbank, Leonid Klimov, and the former management of the bank for compensation for losses of the financial institution in the amount of UAH 8.4 billion, the press service of the regulator reported.
According to the report, the fund has collected enough evidence that the management withdrew funds from the bank for the benefit of its owner through scheme lending to 36 borrowers. Within the short term, 41 loans were issued, accounting for 56% of the balance loan portfolio.
It is indicated that the borrowers were connected with Klimov and had an unsatisfactory financial situation.
"Despite the non-repayment of loans, since 2013, the bank has repeatedly provided the above-mentioned borrowers with a deferral of debt payment and removed highly liquid collateral," the statement explains.
The matter concerns, in particular, property rights to objects of construction in progress, elite summer cottages in Odesa region, commercial real estate, deposit funds.
The fund noted that the withdrawal of collateral in the amount of more than UAH 7.1 billion was documented.
According to the report, due to the management’s actions, the Chornomorets stadium remained the only collateral under the said loan agreements, with a value significantly lower than the loan debt.
At the same time, the estimate of the object was groundlessly increased by several times by the appraiser involved by the bank: from UAH 2.1 billion in December 2011 to UAH 7.8 billion in December 2014.
As a result, debt on loans for UAH 13.4 billion remained outstanding, the fund notes.
In addition, the bank replaced real estate and property rights for construction in progress under 13 loan agreements with fictitious collateral, as a result of which the bank lost more than UAH 2 billion in collateral.
"These actions caused the bank’s insolvency and lack of funds for full settlement with its creditors during the liquidation procedure," the regulator explained.
