Sberbank Will Protest the Fine of the National Bank of Ukraine
OREANDA-NEWS The fine of the National Bank of Ukraine (NBU), presented to the subsidiary of Sberbank, will be challenged in court. This is stated in the press release of the Bank.
"The Bank reserves the right to appeal the amount of the fine imposed by the regulator to the courts," the report said.
The financial organization clarified that the NBU in the charges uses vague wording, so "the mere fact of the use of the subjunctive mood in the case, which will result in a fine of 94.737 million hryvnia (about $3.3 million), is already quite controversial", and "measures taken against the Bank non-market and partly protectionist in relation to other players of the Ukrainian financial market."
"The expert community has repeatedly focused on the fact that the legal regulation of financial monitoring in Ukraine is insufficient. The lack of clear rules of the game creates conditions for ambiguous interpretation of the same processes and, accordingly, heterogeneous measures to prevent them. It is essentially an indirect tax on financial activities, reinforced by unjustifiably high fines," the Bank stressed.
Earlier, on January 2, the NBU reported that fined in December 2018 the "daughter" of Sberbank for 94.73 million hryvnia (about $3.3 million) for violations of the law following the audit, accusing the Bank of money laundering.
In December, the Deposit guarantee Fund of Ukraine (FGV) decided to liquidate the Bank following the results of the tender for the transfer of assets and liabilities of Ukrainian VTB.
In total, Ukraine has four "daughters" of Russian state banks – Sberbank, Prominvestbank, VTB Bank and BM Bank. Since March 2017, by the decision of the Parliament, they are subject to sanctions that prohibit the withdrawal of capital from Ukraine. State banks have not yet been able to exit the market.