PGO suspects Marfin Bank employees of embezzling UAH 300 mln in 2016-2017

The Prosecutor General's Office of Ukraine suspects employees of Marfin Bank (Odesa) of withdrawing about UAH 300 million from the bank, according to a ruling of the Pechersky District Court of Kyiv, which was posted in the single state register of judgments.

It was established during the pre-trial investigation that four bank employees, through fictitious firms owned by two individuals, withdrew about UAH 300 million from Marfin Bank in 2016-2017. To withdraw the funds, they used a fraudulent scheme to provide loans without collateral to affiliated enterprises for a fictitious procedure on additional capitalization of the bank.

In this regard, investigators filed a petition asking the court to provide information about telephone conversations and text messages of a defendant in the case for February-April 2017, which the court granted and ordered Odesa-based communications operator Intertelecom to provide the necessary information.

A controlling stake in Marfin Bank, owned by Cyprus Popular Bank Public Co Ltd, the final beneficiary of which is the Republic of Cyprus represented by the finance minister, was sold on June 14, 2017. Saggarko Limited became the new owner, and Ukrainian citizens Mykhailo Partikevych and Ihor Zgurov became the final beneficiaries of Marfin Bank as a result of the transaction.

Zgurov serves as adviser to the executive director for economic affairs at PJSC Odesagaz.

Marfin Bank (formerly known as Mortorgbank, Maritime Transport Bank) was founded in 1993. The bank's authorized capital is UAH 435 million.

Marfin Bank ranked 30th among 99 banks operating in Ukraine as of July 1, 2017 in terms of total assets (UAH 3.313 billion), according to the National Bank.