○ Biden's Ukrainian Oligarchs and Corruption

Two Ukraine oligarchs face threat of asset seizure | FT - July 3, 2017 |

Two of Ukraine's most powerful oligarchs face potential confiscation of multibillion-dollar assets after missing a deadline to voluntarily restructure related-party loans at PrivatBank, Ukraine's largest bank that was nationalized late last year.

Igor Kolomoisky and Gennady Bogolyubov, PrivatBank's founders, had been given until July 1 to act after Ukraine's central bank in December found a $5.5bn hole in the balance sheet. The central bank alleged that as much of 97 per cent of the lender's commercial loan book was to businesses linked to the two oligarchs.

Oligarchs making gains: the costly nationalization of Ukraine's PrivatBank

On 19 December [2016], in an attempt to calm the situation on the market, Ukraine's most senior officials, including the president, the prime minister and the head of the NBU, guaranteed the safety of deposits to clients of PrivatBank. In the pessimistic scenario, the state will have to pay 148 billion hryvnias (around US$5.5 billion) for the nationalisation of this bank.

The decision to nationalise PrivatBank did not come as a surprise, and no major obstacles have yet been seen in the acquisition process. The bank has had serious liquidity problems for several years. The International Monetary Fund has insisted the bank be reorganised as part of the programme for clearing the Ukrainian banking system.

A Super State Bank: Nationalization of PrivatBank - a Plan to Merge with Oschadbank