State-run Oschadbank will challenge the decision of the higher specialized court of Ukraine revoking the UAH 4.2 billion guarantees of the owner of Delta Bank under liquidation Mykola Lahun in the Supreme Court of Ukraine, Oschadbank has said in a press release.

"The decision of the higher specialized court of Ukraine that satisfied the counterclaim of Lahun is not final. Oschadbank is preparing a claim to the Supreme Court of Ukraine seeking to annul this unlawful decision of the higher specialized court and leave the decision of Pechersky District Court of Kyiv and the appeal court of Kyiv," the bank said.

According to the press release, Oschadbank twice proved the lawfulness of their requirements. The courts of lower instance and the appeal court rejected evidences of Lahun that the guarantee agreement is invalid.

However, the higher specialized court in violation of Ukrainian legislation on the unlawfulness of the deals and in contradiction of the court practice declared invalid the guarantee agreement.

Oschadbank was founded in 1991. Its sole owner is the state.

Oschadbank ranked second among 93 banks operating in the country on January 1, 2017 by total assets (UAH 210.099 billion), according to the National Bank of Ukraine.