A World Bank loan was stolen in Kyiv – an investigation is underway
The Prosecutor General's Office is conducting a pre-trial investigation into a criminal case regarding the theft of funds from a World Bank loan.
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This is stated in the ruling of the Pechersk Court of Kyiv.
Investigators found that during 2007-2013, the World Bank provided loans to several regions of Ukraine under guarantees of the Ukrainian government as part of the joint project “Urban Infrastructure Development”.
The main implementer of the project was the Ministry of Regional Development, Construction and Housing and Communal Services.
The funds were intended for the reconstruction and modernization of facilities owned by utility companies operating in the field of water supply and sanitation. The money was sent directly to enterprises.
However, the heads of several regional enterprises transferred the money allocated to them to the accounts of fictitious enterprises. At the same time, they significantly inflated the cost of the work allegedly performed, and in some cases they were not performed at all.
Subsequently, non-cash funds were converted into cash using conversion centers.
A World Bank loan was stolen in Kyiv – an investigation is underway.