Court declares liquidation of Bank Basis illegal

15:46, 19.01.2015 1 min read

Ukraine's Higher Administrative Court on December 24, 2014 dismissed an appeal by the National Bank of Ukraine (NBU) regarding the liquidation of Bank Basis (Kharkiv).

According to the court’s ruling, published in the State Court Rulings Register, the panel of court judges upheld a Kyiv District Administrative Court decision dated August 14, 2014, and the decision of the Kyiv Administrative Court of Appeals of October 21, 2014 on a suit lodged by the bank's largest shareholder - Investor-Fund LLC – against the National Bank on the cancellation of the regulator's decision of August 23, 2012 under No. 357 "on revoking the banking license and appointing a liquidator of Bank Basis," which recognized the liquidation of the bank as illegal.

As reported, the NBU appointed Svitlana Krasylnykova as liquidator of Bank Basis instead of Oleksiy Uhrimov, from July 16, 2014.

Bank Basis was established in 1991. By August 2012 Investor-Fund owned 73.1789% of the shares of the bank, JSC Investor - 23.6513%. The bank was previously under the influence of Interior Minister of Ukraine Arsen Avakov.