The Higher Administrative Court of Ukraine has upheld the legality of NBU Board Resolution No.743, dated 27 November 2014, On Declaring UKRAINIAN BANK OF DEVELOPMENT PJSC Insolvent.
In December 2014, UKRAINIAN BANK OF DEVELOPMENT PJSC (hereinafter UBD PJSC) challenged NBU Board Resolution declaring it insolvent at the Kyiv County Administrative Court.
The Kyiv County Administrative Court’s ruling of 23 March 2015 under case No. 2а-826\18887\14 rejected an appeal by UBD PJSC.
The Kyiv Administrative Court of Appeal’s ruling of 23 April 2015 under this case upheld the ruling by the court of the first instance to an appeal by UBD PJSC.
The Higher Administrative Court of Ukraine’s ruling of 20 January 2016 upheld the ruling by the court of the first instance and the court of appeal.
In view of the fact that the EU Council has applied sanctions against Mr Oleksandr Yanukovych, the sole shareholder of UKRAINIAN BANK FOR DEVELOPMENT PJSC, including through freezing assets, and in order to protect the interests of depositors and other creditors of this Bank, in September 2014, the NBU declared this bank problematic. On 27 November 2014, the NBU adopted a decision to declare UKRAINIAN BANK FOR DEVELOPMENT PJSC insolvent.