Information spread by the National Bank of Ukraine (NBU) that property of the beneficiary of bank Financial Initiative Oleh Bakhmatiuk worth UAH 4 billion was arrested is untrue, the press service of the businessman, who is also a majority shareholder in Ukrlandfarming company, has said.

"The sum of the claim for which the court of first instance – Pechersky district court in Kyiv – issued a ruling is UAH 135.863 million. We believe that the ruling was issued in violation of the law and we will challenge it in court," the press service told Interfax-Ukraine.

The NBU earlier reported that Kyiv's Pechersky district court on May 12 arrested all movable and immovable assets of Oleh Bakhmatiuk – the beneficiary of insolvent bank Financial Initiative. The assets were arrested under a claim by the NBU, which seeks to collect a debt on the stabilization loan of UAH 4 billion provided to the bank. UAH 4 billion worth of stabilization loans were provided in 2014. The loans were collateralized against property and property rights of legal entities. Bakhmatiuk acted as a financial surety in the loans.