Police seize Rodovid bank documents as $385 mln go missing

“We could get access to bank books after the cabinet bail-out on July 7,” the minister confirmed.

In a specific rip-off incident, the minister cited a $36 mln credit extended by Rodovid to Baski+2004 Ltd. against the collateral of a 113-hectare land plot in Kyiv by the borrower.

Later on, 15 more private companies were given credits by Rodovid totaling $250 mln - against the collateral of the same land plot, Lutsenko informed.

To get a bail-out credit from the government’s central bank, Rodovid managers, who knew the plot had been mortgaged several times, used it as collateral to wrist about $180 mln from the state.

In a bid not to repay their credits, the companies declared their insolvency to the amount of $385 mln, without referring to the Rodovid bank as their creditor.

Police investigators have revealed, the minister confirmed, that all the borrower companies had been registered for front persons who had no knowledge of their activities and of the credits received.