The Deposit Guarantee Fund filed a lawsuit with the Kyiv Economic Court for compensation of UAH 8.4 billion of losses of Imexbank against the owner of the bank and the founder of FC Chernomorets Leonid Klimov, writes EP.
About it informed press service of the Deposit Guarantee Fund (DGF).
The Fund collected evidence of the withdrawal of funds from the bank by management in favor of Klimov through scheme lending to 36 borrowers. We are talking about 41 credit transactions, or almost 56% of the balance sheet loan portfolio.
These borrowers were connected to Klimov and had financial problems, therefore, according to the requirements for credit risk management, they should not have received loans from the bank at all. Despite the non-repayment of loans, since 2013, the bank has repeatedly granted them a deferral of debt payment and removed highly liquid collateral from collateral.
In the list of lost collateral, the DGF notes property rights to construction in progress, elite cottages in the Odessa region, commercial real estate, deposit funds. The withdrawal of collateral for more than UAH 7.1 billion has been documented. The fund calls such actions a scheme to avoid collection of funds through collateral.
Debts of Imexbank: DGF will sue
In the end, the only collateral for these loans was the Chernomorets stadium, but its value was significantly lower than the loan debt. The valuation of the object was groundlessly increased by the appraiser involved by the bank: from UAH 2.1 billion in 2011 to UAH 7.8 billion in 2014. For comparison, this is twice as expensive as the NSC Olimpiyskiy. In the end, the loan debt for UAH 13.4 billion remained outstanding.
In addition, real estate and property rights to construction in progress under 13 loan agreements were replaced with fictitious collateral. As a result, property rights under previous agreements for the purchase and sale of agricultural land in the Odessa region were issued instead of a firm pledge on loans. Such transactions then could not be concluded at all due to the moratorium, so Imexbank lost more than UAH 2 billion in collateral.
“These actions caused the Bank’s insolvency and the lack of funds for full settlement with its creditors during the liquidation procedure,” the Fund sums up.
On January 26, 2015, the National Bank of Ukraine decided to classify Imexbank as insolvent. At the time of this decision, Leonid Klimov was the controller of the bank.
The former owner of the Chernomorets stadium and president of the football club of the same name, Leonid Klimov, withdrew UAH 8.3 billion from his own Imexbank, rewriting the stadium on collateral for 41 loan agreements.