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The Riga City Vidzeme Suburb Court has sentenced former insolvency administrator Danuta Kulkova to three years and five months in prison for embezzling 300,000 euros, LETA informed the Court Administration.
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It has already been reported that according to the decision to transfer the criminal case to court, the former insolvency administrator on May 19, 2014 held a real estate auction. The real estate was auctioned for 58,320 euros. The insolvency administrator had to transfer the proceeds of the auction to the bank to cover the claim, but instead the accused misappropriated the remaining funds after covering the costs of the auction.
The State Police (VP) had asked the prosecutor’s office to prosecute Kulkov for embezzling 300,000 euros. The LP, without mentioning the name of the suspect, wrote in a press release that the investigation in the criminal proceedings was carried out by the Office for Combating Economic Crimes. According to the information obtained by the investigators during the administration of the insolvency proceedings of a company, this person illegally withdrew the money due to the secured creditor from the account of the managed company and transferred it to the personal bank account.
The investigation revealed that the funds from the account of the managed company, which served as the auction security deposit paid by the secured creditor, were withdrawn more than 100 times in total.
As a result, a total of more than € 300,000 in embezzlement has taken place. Upon receipt of the demand for a refund from the secured creditor, the administrator responded with various excuses as to why a refund was not possible at that time, although there was no legal basis for these excuses.
TV3’s “Nekā personīga” reported on two cases in which Kulkova may have been involved. At the end of 2010, the Vidzeme Suburb Court appointed Kulkov as an insolvency administrator in an insolvency case of a natural person who went bankrupt and was unable to pay for an apartment bought in the fat years.
The matter was relatively simple – the apartment in Zolitūde had to be sold and the money returned to the bank. The administrator dragged the process on. The apartment was sold at auction for 58,000 euros only in 2014. However, the bank did not receive the money and it disappeared. The intervention of the Insolvency Administration did not help either, because Kulkova did not follow its orders, “Nothing personal” reported.
Administrator Kulkova regularly transferred the money received from the sale of debtors’ property to her credit card account with an indication of the administration costs. She then went to an ATM in a supermarket or city center, where she took out thousands of euros.
However, five months after the Insolvency Administration was already aware of her violations, she was confirmed as the administrator of TM Metal Baltic. The company’s turnover in 2013 was almost nine million euros.
TM Metal Baltic Insolvency Administrator Cynthia Karsta explained that during the TM Metal Baltic insolvency proceedings, the debtor’s previous administrator, Kulkova, did not respond to requests for information from the company to hand over the company’s organizational, personnel, accounting documents and property. At the same time, Karsta has established that Kulkova has sold a car owned by TM Metal Baltic and may have misappropriated the proceeds of the transaction, as well as may have arbitrarily taken away the company’s computer equipment.
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