Federal prosecutors are suing to seize control of it, saying the huge building was purchased using embezzled money.
The government said that over the course of more than a decade, billionaires Igor Kolomoisky and Gennadiy Boholiubov used their control of PrivatBank to steal billions of dollars of its funds.
In 2017, Kolomoisky, one of the world’s richest men, went into self-imposed exile in Switzerland and then Israel after the government seized his prize asset, Privatbank, and accused him of embezzling billions of dollars, The New York Times reported. Prosecutors say the basic idea of the scheme was simple. Kolomoisky and Boholiubov requested money from PrivatBank, which, based on their control and ownership, they always received.The mechanics of the scheme were complex, according to the government. Kolomoisky and Boholiubov used a substantial collection of companies they owned or controlled to apply for loans from PrivatBank.
A “special” credit committee at the bank approved the loans, despite misrepresentations in the applications.
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