Kyiv Pechersk District Court ruled on 14 November 2017 that a claim for compensation of UAH 1.6 billion filed by Oleksandr Yanukovych against the National Bank of Ukraine was invalid.

In August 2017, Oleksandr Yanukovych filed a lawsuit against the NBU claiming damages for shutting down PJSC Ukrainian Development Bank, of which he was the sole shareholder.

After considering the case, the court ruled there were no grounds for satisfying the claim.

In January 2016, Ukraine’s Supreme Administrative Court determined that NBU Resolution No. 743, dated 27 November 2014, on declaring PJSC Ukrainian Development Bank insolvent was lawful.

In light of the sanctions imposed by the EU Council on Oleksandr Yanukovych, who was the sole shareholder of PJSC Ukrainian Development Bank, and with the view of protecting the rights of the bank’s depositors and other creditors, the NBU on 27 November 2014 declared the bank insolvent, and on 21 December 2015 started liquidation proceedings.

For reference

Over the period of 2014-2017, the NBU won 65 lawsuits filed against it by claimants who accused the central bank of not taking any action regarding banks that were declared insolvent or liquidated. Another 85 similar lawsuits are currently being considered by courts of various jurisdictions.