On 11 October 2016, the Kyiv Administrative Court of Appeal confirmed the legality of the actions taken by the National Bank of Ukraine to protect the interests of creditors and depositors of VAB BANK PJSC.
According to the case materials, in January 2016, an individual customer of VAB BANK PJSC filed a lawsuit in the the Kyiv County Administrative Court, demanding that the court recognize as unlawful the NBU’s inaction and failure to take the necessary measures to protect the legal interests of the Bank’s depositors and creditors.
In response to this lawsuit, the NBU filed a counterclaim containing the measures undertaken by the NBU during 2014-2015 while performing supervisory functions with respect to this Bank.
On 4 August 2016, the Kyiv County Administrative Court ruled to reject the suit on the grounds that the claimant's assertions regarding the NBU’s inaction were unfounded.
VAB BANK PJSC’s customer filed a petition in the Court of Appeal, seeking to challenge the court’s ruling.
Having considered the case materials, the Kyiv Administrative Court of Appeal ruled to reject the petition and upheld the ruling of the court of the first instance.
On 20 November 2014, VAB BANK PJSC was declared insolvent. On 19 March 2015, the NBU issued a resolution on withdrawal of the banking license and liquidation of this Bank.