On 14 February 2017, the Higher Administrative Court of Ukraine confirmed the legitimacy of the decision by the National Bank of Ukraine to declare Bank Unison PJSC insolvent. The bank was classified as insolvent due to its opaque ownership structure.
In June 2016 the Kyiv Circuit Administrative Court dismissed a claim brought by one of the shareholders of Bank Unison PJSC in which the claimant asked the Court to recognize as illegitimate and overturn the NBU Board Resolution on declaring Bank Unison PJSC insolvent. Therefore, the court of the first instance confirmed the legitimacy of the actions taken the regulator in all stages of negotiations with Bank Unison PJSC over ways to bring its ownership into compliance with transparency requirements.
On 2 August of 2016, the Kyiv Administrative Court of Appeal upheld the ruling by the court of the first instance. The Higher Administrative Court of Ukraine upheld the rulings by the court of the first instance and the court of appeal confirming the legitimacy of the NBU decision.
On 28 April 2016, the NBU Board issued a decision on declaring Bank Unison PJSC insolvent.
Since mid-2014, the NBU has repeatedly notified Bank Unison PJSC that its ownership structure fails to comply with transparency requirements. As of 1 January 2014, the Bank's shareholders were two legal entities incorporated in Liechtenstein: IDP Capital LTD, holding 82.5% of the bank’s shares and MCHL Finance LTD holding 17.5% of the bank’s shares. The Bank failed to disclose information on the shareholders of these companies since both companies had more than 10 shareholders, but none of them held a stake of at least 10%.
In November 2014, the Bank’s ownership structure underwent changes and 11 legal entities became its shareholders. The Bank disclosed information on the bank’s new shareholders and their ownership structure only following the entry into force of the Law of Ukraine On Amendments to Certain Legal Acts of Ukraine on the Responsibility of Bank's Related Parties in March 2015.
As of the date when this Bank was declared insolvent, Bank Unison PJSC’s shareholders were 11 companies incorporated in the Republic of Cyprus and none of them held a stake of at least 10% in the Bank’s authorized capital. Each company had one ultimate beneficiary owner – an individual. Some of these individuals used to be members of the Supervisory Board of Bank Unison PJSC.