With Its Gold “Vaporized”, A Furious Ukraine Turns On Its Central Bankers

truther December 4, 2014 1
Tyler Durden

As reported two weeks ago, following a stunning announcement by the head of Ukraine’s central bank, Valeriya Gontareva, on primetime TV we learned that (virtually) all of Ukraine’s gold was gone, or – in the parlance of Jon Corzine – had “vaporized.”

And as we also predicted two weeks ago, it was only a matter of time before Ukraine’s people – the vast majority of whom are innocent pawns in a vast game of realpolitik between the west and east – finally got angry and demanded some answers, if not heads.

A Furious Ukraine Turns On Its Central Bankers

That time came earlier today when as Interfax.ua reported “a Kyiv-based court has instructed Kyiv prosecutors to bring an action against National Bank of Ukraine (NBU) Governor Valeriya Gontareva on charges of abuse of power or misuse of office to obtain illegal profit, the Vesti newspaper reported on Tuesday.”

According to Interfax, “This decision was taken by Kyiv’s Pechersk district court on December 1 after it had examined case No. 757/33660/14. It ordered the Kyiv prosecutor’s office to launch an investigation and include it in the register of pre-trial investigations,” the newspaper reported.

Gontareva is charged with abuse of power or misuse of office under Article 364 of the Criminal Code of Ukraine.

The plaintiff is lawyer Rostyslav Kravets, the newspaper said. He confirmed this information in his post on Facebook, saying that the decision was taken by the court at the third attempt, and in November 2014, the prosecutors declined to bring an action to meet his claim.

The charges against the chief banker involve foreign currency interventions by the Central Bank in August 2014: On August 5 the NBU bought U.S. dollars on the interbank forex market for UAH 11.93 per U.S. dollar and sold them for UAH 12.26 per U.S. dollar. During the same week, on August 8, it traded in foreign currency at a higher rate: UAH 12.45-12.6 per U.S. dollar. First it sold $69 million on the interbank forex market at a lower rate, and some days later it bought $35 million at a more favorable price.

As a result of these transactions, the NBU lost 19 kopecks per U.S. dollar, Kravets said.

Kravets claims that by acting so, Gontareva “has intentionally committed an extremely unfavorable transaction for the gold and forex reserves of Ukraine, despite the fact that under Ukraine’s Constitution it is the Central Bank that is in charge of maintaining the country’s gold reserves.”

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That, and of course, there is also that as a result of central bank “transactions” the Ukraine central bank is now essentially gold-free, which per Gontareva’s recent appearance, has just 1% of total reserves in the form of the yellow metal.

And while it remains to be seen if this will be the spark that lights the counter-revolution (after all it took Egypt not less than a year to turn against the puppet regime dumped upon it by the CIA and the US State Department) others are already sensing which way the wind is blowing. As Bloomberg reported moments ago, another central banker, Olena Shcherbakova who is head of the monetary policy department at the Ukrainian central bank, said she is resigning. When reaced by phone she stated that she “has the right to step down,” without giving reason for decision.

She sure does, although we doubt even a former Goldman Sachs partner would be willing to replace her, as the realization among the Ukraine people finally seeps through that they were thoroughly betrayed by the same people who promised they would fix the country following the February presidential coup.

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One Comment »

  1. Dave December 5, 2014 at 9:43 pm - Reply

    Abuse of power ” Bull sh*t ” The National bank of Ukraine is probably being run by the Wall St sect of the chosen ones and its a fair bet that the gold is somewhere nearby . it will have the same fate as the German gold that seems to have disappeared ?? Given the transparent dishonesty of the US government and business institutions like banking and stock exchange manipulations and fraud .and all the warnings that go with dealing with them . One has to wonder how stupid can the Ukraine government get . OH Yes they are there because the US put them there . how could one forget such a triviality !!!

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