Ukraine CB Lost $300,000 in gold, Gained Expensive Lead

Siding with the Nazis these days really has its share of “bad luck”. Ukraine Central Bank just found out it has no gold reserves anymore.

Adding to there woes is an airbase crew report that on July 17 three Ukrainian combat jets took off, and that one of them, an Su-25, was carrying air-to-air missiles.

“After a while only one jet [of the three] returned, which had had those missiles… It returned without the missiles. The pilot was very frightened,” the man said. The employee stressed that only the returned Su-25 had been equipped with air-to-air missiles, and said he was sure it was not air-to-ground missiles.

$300,000 in gold missing from Ukraine Central Bank after swapped for lead bricks

Published time: December 22, 2014 15:54

RIA Novosti/Pavel Lisitsyn

RIA Novosti/Pavel Lisitsyn

Cunning fraudsters have conned the Ukraine Central Bank branch in Odessa into buying $300,000 worth of gold which turned out to be lead daubed with gold paint.

“A criminal case has been opened and we are now carrying out an investigation to identify those involved in the crime,” a spokesman for the Odessa police force is quoted by Vesti.

The news was first reported by Odessa’s State Ministry of Internal Affairs.

READ MORE: Where has all Ukraine’s gold gone?

A preliminary investigation suggests the gang had someone working for them inside the bank that forged the necessary paperwork to allow the sale of the fake gold bullion. It’s also been discovered that bank staff were not regularly checked when entering or exiting the premises.

Since the discovery, the National Bank no longer buys precious metal over the counter, as it cannot be sure of its authenticity, says the First Deputy Head of the National Bank of Ukraine, Aleksandr Pisaruk.

The National Bank of Ukraine (NBU) has confirmed the theft of several kilograms of gold in the Odessa region. The cashier involved has apparently fled to Crimea, Vesti Ukraine reports. Criminal proceedings began on November 18, even though the scam apparently took place between August and October.

In November, the Central Bank reportedly lost $12.6 billion in gold reserves, putting the total stockpile at just over $120 million.

However, the Central Bank reports that foreign currency and gold reserves stood at $9.97 billion at the end of November.

source »

Ukraine Central Bank Conned Into Swapping Its Gold For Lead Bricks

Tyler Durden's picture

Just when one thought the story of Ukraine and its (now non-existant) gold could not get any more surreal, it did.

As a reminder, it was about a month ago when we learned courtesy of an interview on Ukraine TV with the country’s central bank head Valeriya Gontareva, that Ukraine’s gold was virtually all gone, when she made the stunning admission that “in the vaults of the central bank there is almost no gold left. There is a small amount of gold bullion left, but it’s just 1% of reserves.”

That in itself would have been sufficient to explain why just a few short days later, the Netherlands shocked the world when it announced it had secretly repatriated 122 tonnes of gold from the NY Fed, and had the story of Ukraine’s missing gold ended there (or even with the criminal probe launched by Ukraine whether the central bank head had abused her power and misused her office when she “intentionally committed an extremely unfavorable transaction for the gold and forex reserves of Ukraine”), it still would have been one of the most bizarre, surreal stories of 2014.

Luckily, the story just got far better, and far, far more bizarre and surreal.

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