Based on results of control over operation of AKTABANK PUBLIC JOINT STOCK COMPANY (hereinafter referred to as the “Bank”) in terms of compliance with the law on Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime or Terrorist Financing (in particular, based on results of unscheduled inspection carried out by the regulatory authority in May 2014) the following was discovered: the Bank conducted large-scale transactions with cash in foreign currency, which is not characteristic of banks having such amount of assets; specific customers who carried out operations on withdrawal of large amounts of cash were identified. Thus, adequate enforcement measures applied to the Bank in compliance with the regulations of the National Bank of Ukraine.
However, owners of the Bank did not take measures to reduce risks within its operation. The fact that in July 2014 the Bank disbursed significant amounts of loans without an appropriate assessment of risks and possible consequences, as well as withdrawal of funds from the Bank by legal entities related to the main shareholder of the Bank entailed inability of the Bank to meet its obligations to creditors and depositors in time. Therefore, since early August of the current year there has been deterioration of financial standing of the Bank and multiple violations of regulations of the National Bank of Ukraine.
Given the above, the Bank was included in the category of troubled banks placed under special control over its operation through the appointment of an official overseer of the National Bank of Ukraine.
A plan of financial recovery sent by the Bank did not include sufficient immediate measures designed to put the bank back on a sound footing and failed to bring the Bank’s operation into compliance with the requirements of the Ukrainian law.
Increase in capital only in 2015 envisaged by the financial recovery plan certified that the shareholders had no intention to take urgent measures to restore Bank's financial health.
In the light of the above, in order to protect the interests of depositors and other creditors of the bank, in compliance with articles 15, 55 of the Law of Ukraine "On the National Bank of Ukraine", articles 73, 75, 76 of the Law of Ukraine "On Banks and Banking", by Resolution of the Board of the National Bank of Ukraine No. 576, dated September 16, 2014, it was decided to include AKTABANK PUBLIC JOINT STOCK COMPANY in the category of insolvent banks.