The appellate court of Donetsk Region refused to open proceedings against the confiscation of $ 1.5bn on the appeal filed by offshore companies owned by persons close to the former president Viktor Yanukovych, the Prosecutor-General's Office of Ukraine said in a report Thursday, 25 May.
A number of Cypriot companies have appealed against the decision of the Kramatorsk city court to forfeit 1.5 bn dollars in banking assets belonging the entourage of Yanukovych.
The forfeiture was in the framework of the verdict in the case of Arkadiy Kashkin, an ally of runaway Ukrainian oligarch Serhiy Kurchenko. The funds, mostly in the form of domestic loan bonds, were confiscated from the accounts in Oshchadbank and Privatbank.
The money, according to statements of Ukrainian officials, has already been transferred to the treasury.