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Ukrainian tycoon Kolomoisky accused of embezzling $250 million

Ukrainian law enforcement agencies suspected businessman Igor Kolomoisky of embezzling 9.2 billion hryvnia (about $250 million) belonging to Privatbank.

The National Anti-Corruption Bureau of Ukraine reports.

According to the investigation, in January-March 2015, Kolomoisky, when he was the head of the Dnipropetrovsk regional administration, developed a plan to take over the funds of PrivatBank in order to further finance a controlled offshore company and increase his own share in the authorized capital of the bank.

The bank was then forced to pay a company controlled by Kolomoisky more than 9.2 billion hryvnia. The operation took place under the pretext of repurchasing its own bonds at an inflated price.

There were five people in the criminal scheme.

In early September, the media reported that Kolomoisky was suspected of fraud and legalization of property.