KIEV, June 13 (RAPSI) - The Ukrainian tax authorities have frozen $7.5 million held in the bank accounts of local companies which are part of the WebMoney payment system, the Ukrainian Ministry of Incomes and Fees said in a statement.

The tax authorities had already searched the company's Kiev office and revealed a high number of violations committed by the company which acts as the guarantor of the payment system's work. In particular, the company failed to coordinate its work with the national Bank of Ukraine.

The authorities have seized a large amount of computer equipment which was used for the system's operation. "Over 60 million Hryvnas ($7.5 million) held in the bank accounts of companies which were part of in the illegal system have been frozen," the ministry said.

An investigation is underway and the case will be forwarded to court once it has been completed.

WebMoney representatives have not been available for comment.

WebMoney Transfer is a global settlement system and environment for online business activities, established in 1998.  WebMoney Transfer Technology is based on providing all its users with unique interfaces which allow them to operate and control individual property rights for valuables (assets) stored at specialized entities, the Guarantors.