Case of VAB Bank: NABU Finds No Evidence of Losses to the State or Conspiracy between Bank Shareholders and NBU Leadership

This is according to a statement by the Ukrlandfarming company owned by the former owner of VAB Bank, Oleg Bakhmatyuk, as reported by Ukrainian News.

"We are happy to congratulate NABU on completing their investigation that found no evidence of collusion between Oleksandr Pysaruk and Oleg Bakhmatyuk, which was their principal allegation that triggered the case. No evidence of losses to the state was found either, as we have argued over the past several years. The case has been investigated for over 6 years. It was previously closed by court order for failure to find evidence of a criminal offence and wrongfully reopened again by ex-Prosecutor General Ruslan Ryaboshapka to be once again taken to court, - said in a statement.. The investigation ended abnormally with the case eventually going to court under Article 364 – abuse of office or power – which only goes to show that the charge of collusion is no longer being pressed. The investigation produced no evidence of losses to the state either".

In its statement, the company also tallied up the damage caused by the one and a half-year-long persecution by NABU: "… the improper pressure on the business cost 13 thousand Ukrainian jobs. In the last year alone, the government collected UAH 1.5b less in taxes with the company having paid UAH 7.7b in taxes over the previous three years. 37 production facilities were lost with state-of-the-art animal farms forced to close down including unique breeding facilities; egg prices have skyrocketed as egg farms are closed down under pressure from reduced production".

"We look forward to a fair and impartial trial to establish the truth and dot all the i's over this story, which caused losses to all parties involved, business and state alike, a story that has no winners.

We remain committed to a constructive resolution of bank debt caused by the recent wave of bank bankruptcies, aka the Bank Fall. This approach is also supported by the State Deposit Guarantee Fund and our international partners as a civilised and sensible resolution scenario, reads the statement by Ukrlandfarming owned by the businessman Oleg Bakhmatyuk.

Just as a reminder, the case against Pysaruk and Bakhmatyuk was opened on allegations of misappropriation of refinancing extended by the NBU to VAB Bank during the banking crisis of 2014. Findings from expert examinations by the State Deposit Guarantee Fund and statements by the NBU confirm that the proceeds of refinancing were fully used according to their designated purpose, they were paid out to the bank's depositors.