Enquire Now
Please provide your details to reserve space at Guardian Vaults.
Enquire Now
Please provide your details to reserve space at Guardian Vaults.
Enquire Now
Please provide your details to reserve space at Guardian Vaults.
Enquire Now
Please provide your details to reserve space at Guardian Vaults.
Enquire Now
Please provide your details to reserve space at Guardian Vaults.
The risks of storing precious metals at a bank have been highlighted in the Ukraine this week, after someone stole gold bullion from one of the country’s most prominent institutions.
An employee at the central bank in Odessa is alleged to have passed lead bars covered in gold paint through to the organisation’s storage facility, Vesti newspaper reports.
The counterfeit bullion was used to conceal the fact that real gold had been taken, a source with knowledge on the incident confirmed. Approximately 11 kg of bars were stolen, with a value of approximately US$300,000 (AU$370,000).
Volodymyr Shablienko, head of Odessa police’s press office, told Bloomberg that his officers are currently conducting a forensic audit.
“The management of the central bank’s branch in Odessa asked us to investigate fraud by their employee,” he explained.
The gold was reportedly stolen between August and October, although criminal proceedings did not start until December 18.
After the scam came to light, Ukraine’s national bank announced it would not purchase over-the-counter precious metals due to doubts over authenticity.
This is not the first time Ukrainian banks have been in the news recently regarding their gold bullion practices.
Ukraine National Bank Chief Executive Valeria Gontareva surprised market experts earlier this year when she admitted on Ukraine’s Kharkiv TV that the country’s gold reserves were missing.
In fact, there is supposedly almost no bullion left in the bank’s vaults, with gold comprising just 1 per cent of the country’s reserves. This is despite official reports claiming in February that the institution held $1.8 billion worth of gold – or 8 per cent of total assets, Zerohedge reports.
The current location of the gold is unclear, although some industry commentators believe the precious metal may have been moved to the US Federal Reserve due to political upheaval in the Ukraine.
Visit Guardian Vaults for more gold bullion news
Storage Vaults News
From Guardian Vaults
Ukraine Bank Investigates Gold Bar Heist
The risks of storing precious metals at a bank have been highlighted in the Ukraine this week, after someone stole gold bullion from one of the country’s most prominent institutions.
An employee at the central bank in Odessa is alleged to have passed lead bars covered in gold paint through to the organisation’s storage facility, Vesti newspaper reports.
The counterfeit bullion was used to conceal the fact that real gold had been taken, a source with knowledge on the incident confirmed. Approximately 11 kg of bars were stolen, with a value of approximately US$300,000 (AU$370,000).
Volodymyr Shablienko, head of Odessa police’s press office, told Bloomberg that his officers are currently conducting a forensic audit.
“The management of the central bank’s branch in Odessa asked us to investigate fraud by their employee,” he explained.
The gold was reportedly stolen between August and October, although criminal proceedings did not start until December 18.
After the scam came to light, Ukraine’s national bank announced it would not purchase over-the-counter precious metals due to doubts over authenticity.
This is not the first time Ukrainian banks have been in the news recently regarding their gold bullion practices.
Ukraine National Bank Chief Executive Valeria Gontareva surprised market experts earlier this year when she admitted on Ukraine’s Kharkiv TV that the country’s gold reserves were missing.
In fact, there is supposedly almost no bullion left in the bank’s vaults, with gold comprising just 1 per cent of the country’s reserves. This is despite official reports claiming in February that the institution held $1.8 billion worth of gold – or 8 per cent of total assets, Zerohedge reports.
The current location of the gold is unclear, although some industry commentators believe the precious metal may have been moved to the US Federal Reserve due to political upheaval in the Ukraine.
Disclaimers: Guardian Vaults Holdings Pty Ltd, Registered Office, Scottish House, 100 William Street, Melbourne, Victoria, 3000. ACN 138618176 (“Guardian Vaults”) All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from the publisher and/or the author. Information contained herein is believed to be reliable, but its accuracy cannot be guaranteed. It is not designed to meet your personal situation. Guardian Vaults, its officers, agents, representatives and employees do not hold an Australian Financial Services License (AFSL), are not an authorised representative of an AFSL and otherwise are not qualified to provide you with advice of any kind in relation to financial products. If you require advice about a financial product, you should contact a properly licensed or authorised financial advisor. The information is indicative and general in nature only and is prepared for information purposes only and does not purport to contain all matters relevant to any particular investment. Subject to any terms implied by law and which cannot be excluded, Guardian Vaults, shall not be liable for any errors, omissions, defects or misrepresentations (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (direct or indirect) suffered by persons who use or rely on such information. The opinions expressed herein are those of the publisher and/or the author and may not be representative of the opinions of Guardian Vaults, its officers, agents, representatives and employees. Such information does not take into account the particular circumstances, investment objectives and needs for investment of any person, or purport to be comprehensive or constitute investment or financial product advice and should not be relied upon as such. Past performance is not indicative of future results. Due to various factors, including changing market conditions and/or laws the content may no longer be reflective of current opinions or positions. You should seek professional advice before you decide to invest or consider any action based on the information provided. If you do not agree with any of the above disclaimers, you should immediately cease viewing or making use of any of the information provided.