Unicredit’s Ukrsotsbank subjected to police investigation

Обзоры по компаниям и отраслям 23.09.2013 Police investigated several Kyiv offices of UniCredit’s Ukrsotsbank (USCB UK) on September 20, which was authorized by a local court in the Donetsk region. The aim of the search was to obtain some documents that may contain information regarding a criminal case, the bank alleged in a press release. It stated that bank officials were ready to provide all the items listed in the court’s decision, while police reportedly “initiated an active inspection and seizure of equipment and documents,” including items not in the provided list. Police may have exceeded their authority, the bank said, adding that such actions “significantly worsen … the business climate in the country among the European investors.” The investigation halted the bank’s normal operations that day. The police stated its actions were part of an investigation of a development company that owed USD 200 mln to the bank, the Kommersant-Ukraine newspaper reported on September 23.