Yanukovych and billion dollar fraud

[Hweinlant]

This is incredible. They (Yanukovych, Pshonka, Kurchenko etc) really looted the country. The Scheme runs in billions of $.

Paper trail leads to massive corruption at heart of Ukrainian banking (http://www.bne.eu/storyf5807/Paper_trail_leads_to_massive_corruption_at_heart_o f_Ukrainian_banking)

Yanukovych used network of UK shell companies to hide private empire (http://www.bne.eu/story5796/Yanukovych_used_network_of_UK_shell_companies_to_h ide_private_empire)

[Hweinlant]

Oh my. Russian Bank exposure to Ukraine is 28bln$.

http://www.reuters.com/article/2014/02/25/fitch-russian-banks-significant-ukraine-idUSFit69136820140225
http://www.reuters.com/article/2014/02/25/ukraine-banks-fitch-idUSL1N0LU0Z720140225



Russian banks' total exposures to Ukraine are substantial at around USD28bn, according to President Putin's statement in November 2013. We estimate Russian state-related banks hold the bulk of this, with approximately half at their Ukrainian subsidiaries (which are to a large degree parent-funded) and half booked directly on parent banks' balance sheets or at other group entities. Risks relate primarily to loans to local corporates (more than a half of the total exposure), and to Russian and Ukrainian businessmen who have borrowed funds for the acquisition of Ukrainian assets (about 25%). We believe these are exposed to both economic and political risks in Ukraine, including recession, potential challenges to the ownership of pledged assets, and the devaluation of the hryvna, since around 60% of lending is done in foreign currency. Local retail loan books (less than 5%) and Ukrainian sovereign exposures of Russian banks are limited.

We estimate that the most exposed banks (relative to equity) are Vnesheconombank (VEB, 74%), Gazprombank (about 40%) and VTB (at least 14%). Sberbank (8%) and Alfa Bank (3%) are less vulnerable.

[Methmatician]

That's a shame but I'm not really surprised. Eastern Europe is quite corrupt.

[Acquisitor]

Oh my. Russian Bank exposure to Ukraine is 28bln$.

http://www.reuters.com/article/2014/02/25/fitch-russian-banks-significant-ukraine-idUSFit69136820140225
http://www.reuters.com/article/2014/02/25/ukraine-banks-fitch-idUSL1N0LU0Z720140225

good!

as long as its not our money.

I wonder what the western banks exposure to Ukraine is.

[Hweinlant]

as long as its not our money.


Unfortunately .. I'm afraid EU tax payer has to take part in this one as well.



I wonder what the western banks exposure to Ukraine is.

It cant be very much. There is nothing in Ukraine worth it. Russian VEB bank will surely go belly up. It's already loaded with toxic Sochi stuff, now this. RF has to (and they must) put in tens of billions€ to save the bank, that's a government bank after all.

Apparently Yanukovych was even stealing from Gazprombank via energy company Naftogaz.



The same network of companies also leeched on state energy company Naftogaz – the company that handles 80% of Russia's gas supplies to Europe via its pipelines – siphoning off hundreds of millions of dollars from the ailing company via inflated tenders, according to a Forbes Ukraine investigation and bne enquiries.




Gazprombank has the second largest exposure relative to its capital, despite not having a local subsidiary. This comprises a loan to Naftogaz (around 15% of capital), the national oil and gas company of Ukraine, secured on payments from Russia's Gazprom which partially mitigates the risks, and other corporate exposures, including acquisition financing.


How incredibly stupid and greedy bastards these guys are.

[Hweinlant]

Simply wow. Yanukovych and his lackeys stole impressive 37bln$.

Ukraine has 4.3million$ left at bank account.

thirty-seven-billion-dollars stolen in 3 years.

[Acquisitor]

Simply wow. Yanukovych and his lackeys stole impressive 37bln$.

Ukraine has 4.3million$ left at bank account.

thirty-seven-billion-dollars stolen in 3 years.


wtf, why the hell would anyone need to much ? Greed is good but not this kind of greed

Btw Russia has agreed to give him a safe place and to protect him from the international community.

[RussiaPrussia]

wtf, why the hell would anyone need to much ? Greed is good but not this kind of greed

Btw Russia has agreed to give him a safe place and to protect him from the international community.

russia seems to protect a lot of people from prosecution these days, its a true free country giving people asylum unlike other countries

[Methmatician]

russia seems to protect a lot of people from prosecution these days, its a true free country giving people asylum unlike other countries
Taliban run Afghanistan provided freedom to Osama bin Laden from prosecution as well.

[RussiaPrussia]

Taliban run Afghanistan provided freedom to Osama bin Laden from prosecution as well.

nope pakistan did

[Hweinlant]

wtf, why the hell would anyone need to much ? Greed is good but not this kind of greed


There must have been many people involved, not just Yanukovych and Pshonka. What I found most striking is that they didn't settle for "normal corruption" in their wealth gathering but resorted to stealing. I mean they simply just stole, this is not bribery but blatant theft.

Figure keeps going up, now it's 70 billion $ , 20bln$ gold reserves also gone.

I wonder where Ukraine's gold reserves are...

:fponder:

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/02-overflow/20140222_gold2.png



Btw Russia has agreed to give him a safe place and to protect him from the international community.

If that turns out to be true, only reason is that Yanukovych knows too much.

[Acquisitor]

There must have been many people involved, not just Yanukovych and Pshonka. What I found most striking is that they didn't settle for "normal corruption" in their wealth gathering but resorted to stealing. I mean they simply just stole, this is not bribery but blatant theft.

Figure keeps going up, now it's 70 billion $ , 20bln$ gold reserves also gone.

I wonder where Ukraine's gold reserves are...

:fponder:



If that turns out to be true, only reason is that Yanukovych knows too much.

damn that ugly medal/coin has to be melted asap.

the clients of my previous employer who worked in Ukraine said that they could easily reduce the value of the imported products to avoid paying customs dues, same for official taxes, however they had to pay a significant % of the turnover in cash to the officials, in order to keep their business. The company was not too big, but not tiny either, their turnover was like $35m/year.

[Hweinlant]

Swiss will freeze Yanuk's accounts. That'll be interesting.