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. Last Updated: 07/27/2016

Ukraine Halts Payments




KIEV -- Foreign investors could lose millions of dollars they paid for municipal bonds after authorities in Odessa stopped redemption payments during an audit of the city's books ordered by the national government, a newspaper reported Friday.


Payments for last year's $32.9 million bond issue began May 26, but were suspended two days later, the Kyiv Post said. The bonds have an annual return of 50 percent.


The payments were stopped after Ukrainian President Leonid Kuchma fired Odessa Mayor Eduard Hurvits and ordered a probe into the city's financial dealings, alleging abuse of funds and corruption in the Odessa government.