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Ukraine's PrivatBank: Investigators conducting 'planned' search at offices

Reuters
The logo of PrivatBank is on display on the facade of a building outside the company's branch in Kiev, Ukraine, February 14, 2017. REUTERS/Gleb Garanich

KIEV (Reuters) - Ukraine's largest lender, PrivatBank, said on Thursday Ukrainian law enforcement officers were conducting a "planned" search of its offices as part of an ongoing anti-corruption investigation.

Privatbank, Ukraine's largest lender, was taken under state control with the backing of the International Monetary Fund in December after risky lending practices left it with a capital shortfall of more than $5.5 billion.

At the time the central bank estimated that 97 percent of its corporate loans had gone to companies linked to its shareholders, who include powerful tycoon Ihor Kolomoisky, Ukraine's second-richest man.

The bank said on Thursday that Ukraine's National Anti-Corruption Bureau (NABU) was conducting a "careful analysis of the 'toxic portfolio' of loans of previous owners of the bank" at its head office in the city of Dnipro, 400 km (248 miles) south-east of Kiev.

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"As part of criminal proceedings to investigate the facts of illegal lending by previous owners and top managers, the bank is working with NABU to conduct planned work," it said in a statement, adding that the work last for several days.

Ukraine started legal action to recover the loans made by PrivatBank on Monday.

(Reporting by Natalia Zinets; Writing by Jack Stubbs; Editing by Toby Chopra)