The National Bank of Ukraine has declared PETROCOMMERCE-UKRAINE BANK PJSC insolvent. On 17 March 2016, the NBU Board issued Resolution No. 169 to this effect.
The Bank was declared insolvent due to its non-transparent ownership structure. In March 2015, the bank’s shareholder – the Russian Bank PETROCOMMERCE – sold the bank’s shares to 11 individuals, with the shareholding held by each of them being less than 10%. During 2015, the bank’s shareholders (and its actual controllers) Mr Ivan Shekhavtsov and Mr Oleksii Krupiy have repeatedly notified the NBU of their intention to register the bank’s shares under their names. However, only in December 2015, did they submit the required documents to the regulator. However, in late February-early March 2016, they sold the bank’s shares to other 11 individuals, without any prior notice to the NBU. Following this move, Mr Ivan Shekhavtsov and Mr Oleksii Krupiy announced their decision to exit the shareholders' structure and revoked the documents. At the same time, the bank encountered liquidity problems.
Following the decision to declare PETROCOMMERCE-UKRAINE BANK PJSC a problematic bank, the regulator revealed evidence of the bank's failure to execute customers’ transactions in due time as mandated by laws and regulations. As of 16 March, the value of outstanding transactions has exceeded 30% of the bank’s liabilities. In view of the above, pursuant to paragraph 3 of part 1 of Article 76 of the Law of Ukraine On Banks and Banking, the Board of the National Bank of Ukraine was obliged to take a decision to declare this bank insolvent.
Additionally, the NBU has adopted a decision to recognize Mr Ivan Shekhavtsov and Mr Oleksii Krupiy as the bank’s qualifying shareholders, because, irrespective of the formal ownership, they exerted decisive influence on the management or activity of this bank during the period running from March 2015 to February 2016. The respective decision was taken by the NBU Committee on Banking Regulation and Supervision and Payment Systems Oversight on 17 March 2016. Thus, under the applicable law, Mr Shekhavtsov and Mr Krupiy shall be treated as qualifying shareholders bearing respective duties and responsibilities.