19 Apr 2019 17:31

Administrative court cancels NBU decision on list of persons related to PrivatBank - NBU

KYIV. April 19 (Interfax) - Kyiv's District Administrative Court on April 18 has overturned the decision of the National Bank of Ukraine (NBU) of December 13, 2016, which determined the list of individuals and legal entities related to PrivatBank, the NBU said on its website.

"The claimant's requirements regarding the cancellation of the decision of the National Bank dated December 13, 2016 (No. 105), which determined the list of individuals and legal entities related to PrivatBank, were satisfied. This decision of the National Bank is one of the main decisions in the process of withdrawing insolvent PrivatBank from the market in December 2016 with the participation of the state," the report says.

During the process of withdrawing the bank from the market, a bail-in procedure was carried out, including the exchange of funds of the persons related to the bank for the bank's shares with their subsequent sale to the Ministry of Finance of Ukraine.

"The National Bank is concerned about the quality and results of court proceedings in Ukraine, which may lead to the loss of taxpayers' funds and risks for the country's banking and financial stability. This could lead to the fact that people related to the former shareholders of PrivatBank will have grounds for recovering funds from the bank that were returned by the state to the bank's capital in the process of its nationalization," the head of the claims division of the NBU legal department, Viktor Hryhorchuk, said.