11:39 15.06.2016

Deposit Guarantee Fund prolongs temporary administration at Smartbank, bank Mykhailivsky

1 min read
Deposit Guarantee Fund prolongs temporary administration at Smartbank, bank Mykhailivsky

The Individual Deposit Guarantee Fund has prolonged temporary administrations at Smartbank and bank Mykhailivsky (both based in Kyiv).

The fund said on its website that the term of temporary administration at bank Mykhailivsky was extended until July 22, and in Smartbank – until July 24.

The fund introduced temporary administration to insolvent Smartbank on May 25 in connection to non-transparency of ownership structure.

Smartbank was registered in 2010.

The National Bank of Ukraine (NBU) placed bank Mykhailivsky to the list of insolvent banks on May 23, 2015 due to risky transactions.

The central bank also accused the bank of perpetrating a fraud on May 20. The burden on the Individual Deposit Guarantee Fund increased from UAH 1.6 billion to UAH 2.6 billion.

The owner of the Eldorado electronics retail chain Viktor Polischuk several days before bank Mykhailivsky was declared insolvent sold his controlling stake of 92.501% in Ekosipan LLC, which is 100% owned by a group of individual investors.

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