Pri­vat­bank em­bez­zle­ment scheme

Kyiv Post Legal Quarterly - - Contents -

For­mer Pri­vat­bank own­ers Ihor Kolo­moisky and Gen­nadiy Bo­golyubov are ac­cused of si­phon­ing $5.6 bil­lion out of their bank through in­sider lend­ing agree­ments. As per the scheme, the bank would lend de­pos­i­tor's money out to ex­ter­nal com­pa­nies linked to Kolo­moisky and Bo­holyubov. Those com­pa­nies would use the loan to pay other com­pa­nies for equip­ment and prod­ucts that were never de­liv­ered, mov­ing the money into a net­work of off­shores.

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