Financial dispute or systemic scheme: what lies behind the conflict between AST Agroholding and Alliance Bank in Ukraine

21:43, 26.07.2023

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Financial dispute or systemic scheme: what lies behind the conflict between AST Agroholding and Alliance Bank in Ukraine

Neither the agroholding nor the company’s management has ever been or is currently affiliated with Viktor Medvedchuk or Oksana Marchenko, nor are they personally acquainted with them, which excludes any possibility of either partnership or friendly relations with these individuals, reports UNN citing TSN.

The AST Agroholding has issued a public response to what it describes as a media attack that began on July 17, 2023.

The response states that AST Agroholding, like the entire agricultural sector, is currently operating in survival mode. Nevertheless, AST continues, even under wartime conditions, to act as a responsible business partner and a taxpayer contributing millions to the state budget. Amid the full-scale invasion, the agroholding has retained jobs, supported local communities, and allocated millions of hryvnias to aid the Armed Forces of Ukraine.

According to the company, these results were achieved thanks to effective operational management: all managers and owners of the business have remained in Ukraine and continue to work, with no one having fled abroad or avoided the challenges of war. The allegations linking AST Agroholding and its management to Medvedchuk are described as baseless and part of a common wartime discrediting campaign. In its public statement, widely circulated in the media, AST Agroholding refuted all such claims.

The agroholding further states that neither the company nor its management has ever had any ties with Viktor Medvedchuk or Oksana Marchenko, nor any personal acquaintance with them, which excludes any partnership or friendly relations with these individuals.

The company believes that this information attack is one of the tools used by Bank “Alliance” to seize funds and assets of AST Agroholding and to divert attention from its own unlawful transactions and fraudulent schemes.

The statement further alleges that Bank “Alliance,” through its counterparty LLC “Evotera Trade” and with the involvement of top bank officials, including the Chairman of the Supervisory Board of Bank “Alliance,” Pavel Shcherban, attempted to seize funds and assets of AST Agroholding. The scheme involved issuing a bank loan for fertilizer procurement via its counterparty, resulting in the agroholding not receiving the fertilizers while remaining liable for loan repayment.

A complaint to law enforcement regarding these fraudulent actions led to the registration of a criminal investigation in the Unified Register of Pre-Trial Investigations. The pre-trial investigation in criminal proceeding No. 12022111380000371, initiated on July 28, 2022 under Part 3 of Article 190 of the Criminal Code of Ukraine, has so far not produced results.

In these difficult times, when every Ukrainian enterprise operates under extreme conditions and business leaders must maintain full operational oversight, all key top managers of Bank “Alliance” are reportedly not fulfilling their duties and have left the bank unattended. The owner of Bank “Alliance,” Aleksandr Sosis, left the country with funds taken from the bank; the Chairman of the Supervisory Board, Pavel Shcherban; and the Chair of the Board, Yuliia Frolova, are all said to be abroad since the beginning of the full-scale invasion. According to the statement, they are not addressing the needs of clients and depositors and instead continue to use the bank as an instrument of fraudulent schemes.

It is also noted that the situation involving LLC “Evotera Trade,” affiliated with Bank “Alliance,” failing to fulfill fertilizer supply obligations is not an isolated case, as evidenced by numerous court cases.

Bank “Alliance” is described as a party in thousands of court cases in Ukraine and has repeatedly been under suspicion by the SBU, Prosecutor General’s Office, and NABU for money laundering and fund transfers benefiting beneficiaries in Russia. In addition, Ukraine’s largest energy company, NEC “Ukrenergo,” has been unable for over a year to recover nearly 1.2 billion hryvnias from Bank “Alliance.” All these facts, according to the statement, indicate that Bank “Alliance” has systematically used fraudulent schemes over many years as a tool for illegal enrichment.

It is also noted that senior officials of Bank “Alliance” have remained outside Ukraine since the beginning of the war, as repeatedly reported by online media resources.

Law enforcement authorities are urged to pay attention to the unlawful activities of Bank “Alliance.” It is expressed confidence that a thorough investigation of such schemes and strict punishment will contribute to the development of honest business in Ukraine even during wartime and attract investors after victory.