On 21 March 2017, the Kyiv Administrative Court of Appeal confirmed the proper exercise of supervisory functions by the National Bank of Ukraine in respect of UNION STANDARD BANK PJSC.
As a side note, on 19 July 2017, the Kyiv Circuit Administrative Court rejected a claim brought by this bank’s customer demanding that the court recognize that the NBU had failed to properly exercise banking supervision over UNION STANDARD BANK PJSC.
The customer, seeking to challenge the ruling by the court of the first instance, filed an appeal to the Kyiv Administrative Court of Appeal. Following a thorough review of the merits of the case, the Kyiv Administrative Court of Appeal dismissed an appeal brought by the bank’s customer.
On 2 October 2015, the NBU Board issued a decision on declaring UNION STANDARD BANK PJSC insolvent. On 25 December 2015, the NBU, upon the proposal of the Deposit Guarantee Fund, issued a decision on the withdrawal of the banking license and liquidation of this bank.
Over the period of 2014-2017, the NBU has won 50 court cases in which the claimants demanded that the courts recognize as illegitimate omissions (inactivity) of the regulator in respect of the banks that have been declared insolvent or placed into liquidation. Another 58 cases are currently under litigation at courts of different instances.