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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

WILL THE PRESIDENT TAKE RESPONSIBILITY FOR MISLEADING DEPOSITORS? For adopting the Cabinet decree On Trust Societies when Premier

13 November, 2012 - 00:00
Photo by Viktor Marushchenko,The Day: How long can the Penguin case drag on?

The President has taken under his personal supervision overseeing the investigation of the Penguin Trust Co. of Bila Tserkva, yesterday blaming its officials for misleading depositors. Socialist Party representatives at a public meeting blamed Bila Tserkva public officials led by Mayor Hennady Shulipa and the President himself for having given swindlers the green light with the decree he signed as Premier.

Penguin Trust was set up in Bila Tserkva in 1994, offering depositors a 40% annual return and advertising heavily. Trust president was former convict Oleksandr Nevyantsev. 16,000 local residents invested over 33 million hryvnias which has vanished without a trace.

People's Deputy Mykhailo Hutsol, Secretary of the Verkhovna Rada Committee on Human Rights promised depositors to take the case under parliamentary control. Ukrainian legislation does not make public officials responsible under the law for the activities of commercial structures set up during their time in office.

 

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