10:55 27.11.2015

Ukrgazvydobuvannia wants to return UAH 375 mln in deposit at BIS-Bank

2 min read
Ukrgazvydobuvannia wants to return UAH 375 mln in deposit at BIS-Bank

Public joint-stock company Ukrgazvydobuvannia has asked public authorities to help the company to return UAH 375 million frozen on a deposit account in Bank for Investments and Savings (BIS-Bank, Kyiv).

The press service of Ukrgazvydobuvannia reported that the previous top managers of the company in May 2015 placed the funds to the deposit in BIS-Bank for one year. The new top managers were trying to return the funds since June 2015, although the negotiations with the bank are ineffective.

Ukrgazvydobuvannia appealed to court to settle the issue.

The press service said that the company needs funds to pay royalties and cover other current expenses. A lack of funds has resulted in a funding gap of over UAH 2 billion in the investment program

"Understanding that energy independence of our state relies on boosting the pace of Ukrainian gas production, hence the possibility of financing of the company, we ask Ukrainian pubic authorities to help us to return the funds that Ukrgazvydobuvannia and the whole Ukraine requires," the company said.

BIS-Bank was founded in 2005. The bank ranked 31st among 127 operating banks as of July 1, 2015, in terms of total assets worth UAH 5.048 billion, according to the National Bank of Ukraine.

Ukrgazvydobuvannia, wholly owned by Naftogaz, is a large Ukrainian gas producer accounting for about 75% of total gas output.

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