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Court Confirms Nullity of Some Deals of Bank Mykhailovsky

Friday, 30 March 2018 15:23

The economic court rulings on application of the consequences of the nullity of the deals, concluded by Bank Myhailovsky with Investment Settlement Center and Credit Investment Center, are legally valid, the Individuals’ Deposit Insurance Fund reports.

“It was confirmed by Rivne Appellate Economic Court, which recognized legally valid the lower court rulings on application of the consequences of the nullity of deals and collection of funds, amounting to UAH 1.6 bln, in favor of Bank Mykhailovsky under the specified decisions”, IDIF specifies.

These court decisions recognize the fact that the conclusion of agreements with the Investment Settlement Center and Credit Investment Center by the bank led to the illegal withdrawal of funds from the bank and, as the result, to its insolvency.

The bank liquidation procedure continues within the procedures, established by the law.

Reportedly, the National Bank of Ukraine declared Bank Mykhailovsky insolvent on 23 May 2016.

Shortly before, on May 20, Chairman of the Management Board of the Bank resigned; in the meantime, the bank conducted some suspicious operations on transferring individuals’ deposits from associated companies, such as Credit Investment Center and Investment Settlement Center that increased the load on the Insurance Fund by UAH 1 bln – up to UAH 2.6 bln.

According to the previously published information, under the financial loan agreements, the individuals paid funds in favor of Investment Settlement Center (ISC) LLC and Credit Investment Center LLC (CIC) in Bank Mykhailovsky branch offices during November 2014 to 18 May 2016.

As per such scheme, over UAH 1.5 bln were attracted.

On May 19, Bank Mykhailovsky purchased from ISC and CIC the fictitious rights of claim of funds for UAH 741.6 mln under “trash” securities sale agreements.

As the result of these manipulations, in accounting, the amount of funds on ISC and CIC accounts increased to UAH 1.612 bln.

In July, the Individuals’ Guarantee Fund started bank liquidation.

In November 19, 2016, the Law of Ukraine on Introduction of Amendments to Some Laws of Ukraine regarding the payment to the individuals through the individuals’ deposit insurance system of the damages, caused by the abuse of banking and financial services, which equates most dubious deposits to bank deposits, came into force.

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