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Expert Suspects Ministry of Finance of Readiness to Repay UAH 11 Bln to PrivatBAnk’s Eurobond Owners

Thursday, 22 June 2017 17:20

PrivatBank, operated by the Ministry of Finance, gave up the position, as per which it recognized the owners of eurobonds of the nationalized bank as the “parties, related with the bank”.

Head of the Analytics Department of Concord Capital IC Alexander Parashchii expressed such opinion, commenting on the published PrivatBank’s annual report, approved by EY’s audit, Ukrainian News reports.

“It is strange not to see eurobonds owners in the report on related parties, through which the bank increased its capital by more than UAH 10 bln. If the bank could not acknowledge these parties related, then the question arises – on what grounds did the Deposit Insurance Fund reissue these eurobonds into bank shares under the bail-in? The law permits DIF to conclude bank share purchase agreements only on behalf of related parties”, the expert noted.

Parashchii also noticed the discrepancy in debits figures. He considers that the eurobonds debit amount looks suspicious.

According to the bank data, the eurobonds, amounting to UAH 10.7 bln, which as per the exchange rate as of December 21 (moment of nationalization) corresponded to USD 405 mln, were debited. However, as of this date, the amount of bank’s debt on two issues (unsubordinated) of eurobonds was USD 350 mln.

According to the analyst, the PrivatBank’s consolidated report for 2016 does not give any understanding on what happened and will happen in the nationalized bank, operated by the state.

“The auditor declined to confirm the profit and loss statement as well as the cash flow statement, and partially confirmed the balance. The auditor also denied to confirm expenses for the depreciation of loans, amounting to UAH 154.5 bln, referring to his misunderstanding when such depreciation should have occurred”, Parashchii commented in Facebook. “Who impeded the nationalized bank to publish data on the tied loans as of December 16 and 18, in order everybody believed that before the nationalization the portfolio of loans to related parties amounted to one hundred and half billion? IFRS standards were unlikely to prevent from doing it – especially since the auditor doubted that the published data comply with standards”. 

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