The court reversed the elimination of a Ukrainian Bank

The court recognized the actions of the NBU is illegal and reversed his decision on the elimination of KSG Bank.

Kyiv Administrative court of Appeal on 5 April 2017 has recognized illegal actions of the national Bank in respect of KSG Bank and cancelled the resolution of the NBU dated 31 August 2016 on its liquidation.

This was reported by the press service of the shareholder of the Bank with reference to the decision of the court.

The court ordered to restore the functioning of KSG Bank in full, which existed prior to the adoption by the national Bank of illegal orders.

The court found no evidence of violations that could justify the adoption of the NBU decisions on the revocation of the banking license and liquidation of the Bank.

In turn, representatives of the Bank of KSG have provided the court with evidence of violations of the law and applicable procedures by the NBU.

According to the lawyer of KSG Bank’s Novel the Crow, “we have provided the court with comprehensive information, according to which the NBU, in fact, falsified non-existent violations. We all have seen how the national Bank for different reasons displays from the market of small and medium-sized banks. The leadership of the NBU, of course, entitled to his vision of the development of the banking sector. But the policy of the national Bank has no right to be illegal methods.”

We will remind that on August 30, the NBU decided to liquidate KSG Bank. The reason was the systematic violation of legislation in the sphere of prevention and counteraction to the laundering of proceeds of crime, in particular for the implementation of risky activities in the sphere of financial monitoring.

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