Profinbank (Professional Finance Bank) intends to file a lawsuit to overturn the NBU's decision declaring the financial institution insolvent. Profinbank will also challenge the imposition of a temporary administration.
Dmitry Fedoseyev, head of Profinbank's supervisory board, said Profinbank's insolvency declaration and accusations of involvement in shady transactions came as a complete surprise. Fedoseyev noted that an audit was conducted before the New Year, and the NBU found no violations. Lawyers are also confident that the bank has a fairly high chance of defending its interests.
The circumstances the National Bank based its decision on do not align with the conclusions that justify the imposition of a temporary administration. The bank's lawyers will insist on an internal investigation by the National Bank to determine who and why classified Profinbank as insolvent. Profinbank representatives also accuse NBU officials of avoiding communication with Profinbank's management and lawyers. Consequently, Profinbank's management is forced to seek justice in court.
Let us recall that the NBU reported completely opposite information: "in December 2014, as a result of an unscheduled inspection, facts of large-scale transactions with cash in national currency were revealed by Profinbank, individual clients were identified who regularly carried out financial transactions to withdraw these funds in significant amounts. In addition, the Bank's management pursued a risky credit policy related to the provision of loans to new enterprises, which were used to repay loans of other borrowers or to current accounts of other counterparties, with subsequent transfer to deposit accounts in the Bank. Taking into account the above, in order to protect the interests of depositors and other creditors of the aforementioned banks, guided by the Law of Ukraine "On the National Bank of Ukraine", the Law of Ukraine "On Banks and Banking Activities", the Resolution of the Board of the National Bank of Ukraine dated August 17, 2012 No. 346, on January 19, 2015, the Board of the National Bank of Ukraine decided to classify the bank "Bank of Professional Financing" as insolvent."
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