15:56 15.11.2019

Total debt of Bakhmatiuk's insolvent VAB Bank, bank Financial Initiative to state is UAH 29.3 bln

1 min read
Total debt of Bakhmatiuk's insolvent VAB Bank, bank Financial Initiative to state is UAH 29.3 bln

The total debt of insolvent VAB Bank and bank Financial Initiative of Oleh Bakhmatiuk to the state is UAH 29.3 billion, including a UAH 11 billion debt to the Deposit Guarantee Fund, a UAH 10.6 billion debt to the National Bank of Ukraine (NBU) and a UAH 7.7 billion debt to three state-run banks.

According to a posting of the NBU press service on Facebook on Friday, the debt of the former owner of VAB Bank and Financial Initiative Bank to the central bank was secured by his personal guarantee to repay a total amount of UAH 8.6 billion and property guarantees of Bakhmatiuk's companies.

"In order for these guarantees to turn into a real refund, the NBU filed more than 50 lawsuits against him and his companies," the regulator said.

The central bank said that as of October 15, 19 court decisions on Bakhmatiuk's guarantee agreements regarding the bank Financial Initiative were made in favor of the National Bank and entered into legal force, while there are no decisions regarding the VAB bank.

"Nineteen victories have not yet allowed for the repayment of debts: the sale of property by the State Enforcement Service is surprisingly sluggish," the regulator said.

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