Unpunished Bank Fraud

Editor’s Note: The Kyiv Post today starts a four-part series called “Unkept Promises” about the lack of progress in four key areas since President Volodymyr Zelensky took office in May. The first article takes a look at Ukraine’s multibillion-dollar bank fraud of the last decade and examines why no one has been successfully prosecuted and so little money has been recovered. The next installments will focus on law enforcement, mayors of big cities and oligarchs.

The widespread bank fraud and financial malpractice that took place in Ukraine up until 2014 cost the country at least $25 billion in direct taxpayer losses and likely much more. Yet six years later, nobody of consequence has been prosecuted, while recovery of lost and stolen money is feeble — hindered by sabotage and costly legal delays.