In Two Years $846 Million and €75 Million Was Withdrawn From Ukrainian Banks to Offshore Accounts
Hundreds of millions of dollars were deposited into offshores through the financial institutions of Austria and Liechtenstein out of Ukrainian banks. This was written by Deutsche Welle, with reference to the Anti-corruption Prosecutor’s Office of Austria.
In particular, according to Austrian law enforcement bodies, the laundering of money in the private Austrian Meinl Bank continued up to 2016. Today an investigation is being carried against 30 natural persons (among who there can be citizens of Ukraine) and one bank.
The criminal proceedings mentions the disappearance of money from correspondent accounts of Ukrainian banks in Austria. $385 million and €75 million were taken out of correspondent accounts in Meinl Bank illegally.
This money was sent according to the instructions of the owners or the top management of bankrupt banks to offshores in 2014-2015 – as a rule, at the last minute before the introduction of a temporary administration in the problematic banks. Thus, the money of Ukrainian investors – most of which were left with nothing after the bankruptcy of banks – was stolen.
According to the Ukrainian fund of guaranteeing deposits, in particular, $38 million was taken out of “Pivdenkombank” through Meinl Bank, 40 million was taken out of “Terra Banka”, $39.5 million was taken out of “VAB Bank”, €62 million was taken out of “City commercial bank”, and $44 million was taken out of “Kievskaya Rus” bank.
The prosecutor’s office suspects that the bank in Austria issued loans to controlled Ukrainian offshore companies according to the instructions of the owner of the Ukrainian bank. The funds in the correspondent accounts of the Ukrainian bank in the foreign bank that gives a loan – for example, Meinl Bank – became the guarantee of these credits. Eventually, the loan doesn’t come back and the “guarantee” funds from the correspondent account are transferred to another offshore company to repay the loan.
Such operations in banking slang are called “back-to-back operations”. They aren’t illegal in themselves, however they are often used to launder money.
And in Liechtenstein money was removed according to the same scheme, but through “Bank Frick and Co”. In particular, 25 million was taken out of the “National Credit” bank, $59 million was taken out of “Finance and Credit” bank, and 115 million was taken out of “Delta Bank” of Nikolay Lagun. The bank of Lagun carried out in total the most large-scale transactions with the use of correspondent accounts using the back-to-back scheme. In addition to the money withdrawn through Liechtenstein, 99 million was taken out of “Delta Bank” through the Austrian Meinl Bank and nearly $184 million was withdrawn through East-West United SA in Luxembourg.
In particular, according to Austrian law enforcement bodies, the laundering of money in the private Austrian Meinl Bank continued up to 2016. Today an investigation is being carried against 30 natural persons (among who there can be citizens of Ukraine) and one bank.
The criminal proceedings mentions the disappearance of money from correspondent accounts of Ukrainian banks in Austria. $385 million and €75 million were taken out of correspondent accounts in Meinl Bank illegally.
This money was sent according to the instructions of the owners or the top management of bankrupt banks to offshores in 2014-2015 – as a rule, at the last minute before the introduction of a temporary administration in the problematic banks. Thus, the money of Ukrainian investors – most of which were left with nothing after the bankruptcy of banks – was stolen.
According to the Ukrainian fund of guaranteeing deposits, in particular, $38 million was taken out of “Pivdenkombank” through Meinl Bank, 40 million was taken out of “Terra Banka”, $39.5 million was taken out of “VAB Bank”, €62 million was taken out of “City commercial bank”, and $44 million was taken out of “Kievskaya Rus” bank.
The prosecutor’s office suspects that the bank in Austria issued loans to controlled Ukrainian offshore companies according to the instructions of the owner of the Ukrainian bank. The funds in the correspondent accounts of the Ukrainian bank in the foreign bank that gives a loan – for example, Meinl Bank – became the guarantee of these credits. Eventually, the loan doesn’t come back and the “guarantee” funds from the correspondent account are transferred to another offshore company to repay the loan.
Such operations in banking slang are called “back-to-back operations”. They aren’t illegal in themselves, however they are often used to launder money.
And in Liechtenstein money was removed according to the same scheme, but through “Bank Frick and Co”. In particular, 25 million was taken out of the “National Credit” bank, $59 million was taken out of “Finance and Credit” bank, and 115 million was taken out of “Delta Bank” of Nikolay Lagun. The bank of Lagun carried out in total the most large-scale transactions with the use of correspondent accounts using the back-to-back scheme. In addition to the money withdrawn through Liechtenstein, 99 million was taken out of “Delta Bank” through the Austrian Meinl Bank and nearly $184 million was withdrawn through East-West United SA in Luxembourg.
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