OREANDA-NEWS. The Kyiv Administrative Court of Appeal has confirmed the legitimacy of NBU Board Resolution on liquidation of Profin Bank PJSC.

The National Bank of Ukraine detected evidence suggesting   Profin Bank PJSC’s involvement in risky activities, which led the regulator to apply enforcement measures against this bank for  violation of legislation on financial monitoring.  In view of the above, on 19 January 2015, the NBU declared Profin Bank PJSC insolvent. On 15 April 2015, the NBU adopted a decision on withdrawal of the banking license and liquidation of this bank.

Xeronia Limited company brought a suit against the NBU and the Deposit Guarantee Fund, appealing to the court to overthrow  the decision to liquidate this bank as illegitimate   However,  the District Administrative Court rejected the claim filed by the plaintiff. The Kyiv Administrative Court of Appeal’s ruling of 23 April 2016 under this case upheld the ruling by the court of the first instance.    

Additionally, the Higher Administrative Court of Ukraine has upheld the legality of NBU Board Resolution  on declaring Profin Bank PJSC insolvent.