Oschadbank challenges NBU's fine
State saving bank of Ukraine (Oschadbank, Kyiv) has challenged a fine of UAH 3 million imposed by the National Bank of Ukraine (NBU), and the bank claims that accusations of collusion between the financial institution and other persons during banking transactions published in media are groundless.
"The fine does not touch the lawfulness of the procedure for setting money transfer transactions initiated by Ihor Kotvytsky. However, Oschadbank does not recognize the measures taken by the NBU and challenged them in the district administrative court of Kyiv," the bank said in report, commenting on the information published in media that the NBU fined Oschadbank UAH 3 million for violation of Ukrainian law during the transfer of $40 million in the interests of MP Kotvytsky (People's Front).
The press service said that the transaction received the relevant risk category at once as Ukrainian law requires and it was agreed with the NBU.
Oschadbank was founded in 1991. Its sole owner is the state.
Oschadbank ranked second among 123 operating banks in the country on October 1, 2015 by total assets (UAH 156.596 billion), according to the NBU.