11:07 19.11.2021

London Court rejects Deposit Guarantee Fund's appeal against decision on jurisdiction to consider case against Zhevaho

2 min read
London Court rejects Deposit Guarantee Fund's appeal against decision on jurisdiction to consider case against Zhevaho

The High Court of Justice of England and Wales has denied an appeal of the Deposit Guarantee Fund against a decision that the London court has no jurisdiction to consider the Fund's case against former owner of Finance and Credit Bank Kostiantyn Zhevaho.

According to the press service of the Deposit Guarantee Fund on Thursday, the Fund intends to continue to protect the interests of the bank's creditors, including in Ukrainian courts.

"All available legal instruments will be used to protect the interests of Finance and Credit Bank creditors in the case of recovering damage from shareholders and related parties. In particular, the materials collected and submitted to the High Court of Justice of England and Wales may form the basis of the relevant claims in the Ukrainian courts," the message says.

As reported, at the end of September, the High Court of Justice of England and Wales ruled that it did not have jurisdiction to consider the case of the Deposit Guarantee Fund against former owner of Finance and Credit Bank Zhevaho. At the same time, the judge concluded that the evidence of the Fund and the bank presented during the hearings indicated that there were sufficient grounds to issue an order for the worldwide seizure of the assets of the bank shareholder.

In February 2021, the Deposit Guarantee Fund initiated a lawsuit to recover $582.5 million from Zhevaho, three English companies and one United Kingdom citizen involved in withdrawing funds from the bank. The hearings in the case were held behind closed doors in July 2021. The accepted claims of creditors of the insolvent Finance and Credit Bank reach UAH 30 billion.

On December 17, 2015, the National Bank of Ukraine, at the suggestion of the Deposit Guarantee Fund, adopted resolution No. 898 on the revocation of a banking license and liquidation of PJSC Finance and Credit Bank, the beneficiary of which was MP of the Verkhovna Rada of the eighth convocation and executive director of the mining company Ferrexpo Zhevaho.

Finance and Credit Bank was founded in 1990.

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