The National Bank of Ukraine has fined Asito Kapital S. A., a Romanian company, a total of UAH 1.2 million for violation of the rules governing the acquisition of a qualifying holding in PUBLIC JOINT STOCK COMPANY SMARTBANK.
The company Asito Kapital has acquired a 99% stake in the insurance company Star-Polis PJSC, which holds a 40% stake in the bank. The deal was struck without the prior approval by the National Bank of Ukraine. The infringer failed to notify the NBU of its intention to indirectly acquire a qualifying holding in a bank and submit the related documents.
The fine of UAH 1.2 million is payable by the insurance company Star-Polis PJSC through which Asito Kapital has acquired a qualifying holding in a bank within 10 calendar days of receipt of the copy of the decision.
In addition, the National Bank has temporarily stripped the shareholder of SMARTBANK PJSC - Insurance company Star-Polis PJSC - of the voting rights and appointed an NBU employee as an authorized representative to whom it has transferred the right to exercise the voting rights attached to the shares (stakes) held.
According to the changes made in the Law of Ukraine On Banks and Banking, which were approved in mid-July 2015, the National Bank may impose a fine not only for direct, but also for the indirect acquisition of a qualifying holding in a bank without a prior approval by the regulator. The National Bank has assumed the right to impose a fine on any entity in the bank ownership structure through which an acquisition or an increase in qualifying holdings has taken place. In addition to the application of sanctions in the form of fines, the National Bank of Ukraine obtained the right to prohibit an infringer from using the voting rights attached to the shares that have been acquired without the prior consent of the National Bank.