On 5 September 2016, the Donetsk Administrative Court of Appeal confirmed the legality of the decision by the National Bank of Ukraine to revoke a banking license and wind up TK Credit PJSC.
The administrative case was heard by the Donetsk Administrative Court of Appeal in the town of Slovyansk, where the court was relocated. The hearing was conducted via video conference.
According to the case materials, one of the Bank’s shareholders, Eco Vugillia of Ukraine LLC, filed a claim in the Donetsk County Administrative Court, demanding that the court recognize as illegal and overturn the decisions by the National Bank of Ukraine and the Deposit Guarantee Fund declaring TK Credit PJSC insolvent and ordering its liquidation.
The Donetsk County Administrative Court has ruled to reject the claim.
On 9 February 2016, TK Credit PJSC was declared insolvent due to its non-transparent ownership structure. On 7 April 2016, the NBU issued a resolution on withdrawal of the banking license and liquidation of TK Credit PJSC.