A mere UAH 10 billion out of the UAH 400 billion in total turnover was registered on exchanges in Ukraine / Image from telegraf.com.ua
A total of UAH 400 billion in shadow funds that have not been part of the real economy have been pumped through the stock market in the past 1.5 years, according to Head of the National Securities and Stock Market Commission (NSSMC) Timur Khromaev.
"These funds were transferred somewhere, from one company or group to another, or abroad. [It's] UAH 400 billion. Are we still talking about the stock market? This is UAH 400 billion, which has not been recorded, and it has never worked for the economy," he said at a press conference in Kyiv.
The said sum is an estimated turnover of securities with capitalization worth UAH 461 billion, which the NSSMC has earlier designated as bogus ones, Khromaev said.
"We have had issuers who are familiar to everybody. I won't mention their names now. Their capitalization was UAH 100 billion with the amount of trading estimated at UAH 140 billion," he added.
A mere UAH 10 billion out of the UAH 400 billion in total turnover was registered on exchanges, while transactions with the rest of the sum were conducted as over-the-counter trading.
"Only UAH 10 billion appeared on exchanges, they set a bid. Other transactions were handled as over-the-counter trading," Khromaev said.
As UNIAN reported earlier, the NSSMC suspended trading in shares of 79 companies to the tune of UAH 461 billion, which account for 70% of the market's total capitalization.