: :inin Kyiv (EET)

Ernst & Young not confirming PrivatBank`s losses – journalist


Journalist and economic expert Oleksandr Dubinsky posted on Facebook a draft report by Ernst & Young`s auditors (EY) which did not confirm accusations against PrivatBank voiced by head of the National Bank of Ukraine (NBU) Valeria Gontareva.

”As you know, Valeria Gontareva today is going to talk in Washington about her successful experience in reforming the Ukrainian banking system and, in particular, nationalizing PrivatBank,” he wrote, adding that he was publishing the draft audit report by Ernst & Young, ”which the `initiators of nationalization` have hired in order to justify their scheme for misappropriating UAH 125 billion from the budget. It is exactly the amount the bank was additionally capitalized by, allegedly because 97% of its corporate loan portfolio was issued to the companies of the previous shareholders.”

He notes that according to the draft report, the EY has not confirmed the bank`s losses in 2016, which were the base for such a significant additional capitalization. 

”This means that the reserves formed by the bank to cover the `insider debt` were taken from the air. They have been ”drawn on paper” so that Gontareva could justify the project on snatching the bank from its owners and in parallel lines to create conditions for siphoning a great deal of money out of the budget that the `reformers` intend to steal,” the journalist wrote.

”How much money did Gontareva personally intend to get from this fraud? – here is my question for today`s press conference. Of course, I do not expect to get a response to my post,” Dubinsky wrote, adding that this draft audit report reveals that Gontareva and ”her gang” are not reformers but ”outright thieves and raiders.”

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