10:41 03.05.2017

Oschadbank can execute decision to send $1.5 bln of confiscated funds to budget without violation of NBU rules

Oschadbank can execute decision to send $1.5 bln of confiscated funds to budget without violation of NBU rules

The execution of a court ruling on the special confiscation of up to $1.5 billion of funds belonged to cronies of former Ukrainian President Viktor Yanukovych and sending them to the national budget would not require the additional capitalization of Oschadbank (Kyiv), the press service of the bank has told Interfax-Ukraine.

"We have thoroughly analyzed all possible scenarios for executing this ruling. Now we clearly understand that the execution of this ruling in a way approved by the court would not result in violation of requirements of the National Bank of Ukraine (NBU) by the bank and would not require the additional capitalization of the bank," the press service said.

The bank said that the options of returning these funds to the national budget had been discussed for a long time.

"The bank is cooperating with the government, Finance Ministry and NBU in the issue," the press service said.

As reported, on April 28, 2017, Oschadbank started executing the special confiscation of $1.5 billion of Yanukovych and his cronies under the court ruling.

Ukrainian Prosecutor General Yuriy Lutsenko and NSDC Secretary Oleksandr Turchynov arrived to the head office of Oschadbank with the court ruling. They informed the top managers of the bank about it.

According to data from the State Financial Monitoring Service of Ukraine as of April 2016, the sum of blocked funds on accounts of individuals and companies affiliated with Yanukovych and former high-ranking officials totaled $1.54 billion.

Initially, the authority named a smaller sum - $1.42 billion, including $1.37 billion on the territory of Ukraine. The authority said that this concerned 44 nonresident companies registered in Cyprus, Panama, Britain, Belize, Seychelles and Austria: in 2010-2013 via accounts opened in banks of Latvia they transferred $1.37 billion to the accounts opened in Ukrainian banks. Most of the funds were used to buy government domestic loan bonds.

Former Finance Minister Natalie Jaresko said at the end of 2015 that $1.4 billion was arrested on the accounts in Ukrgasbank and Oschadbank: mainly they are currency pegged government domestic loan bonds.

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