The Security Service of Ukraine (SBU) has accused MP Oleksandr Shepelev of being involved in the embezzlement of the refinancing funds of the National Bank of Ukraine (NBU) worth over UAH 300 million.

The head of the SBU main investigation department, Ivan Derevyanko, announced this at a press briefing on Wednesday, UKRINFORM reports.

"The SBU has evidence on the involvement of a people's deputy in the embezzlement of public funds," he said.

When asked to name the deputy, he said: "It is Oleksandr Shepelev."

Derevyanko said that the deputy was suspected of conspiring with Pavlo Borulko, the owner of three banks - Yevropeysky, National Standard and Volodymyrsky - "who organized in March-May 2009 the embezzlement of public refinancing funds of the National Bank of Ukraine worth UAH 315.3 million."

"A criminal case on this fact against Borulko was opened as part of the investigation into the case on the embezzlement of public funds of the Individuals Deposit Guarantee Fund in the amount of UAH 620 million," he said.

He expressed hope that the Ukrainian president's initiative on the cancellation of deputy immunity would be realized. "Then the SBU will make a respective decision with respect to Shepelev," Derevyanko said.

Shepelev was elected to the Verkhovna Rada of Ukraine on the list of the Bloc of Yulia Tymoshenko. On September 21, 2010, he was formally expelled from the BYuT-Batkivshchyna faction, along with other 28 MPs.

On October 5, 2010, Shepelev became a member of the Regions Party faction in parliament, and on December 9, 2011, he quit the faction.

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