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Arrest of government-managed Ukrgasbank's accounts suspended

Arrest of government-managed Ukrgasbank's accounts suspendedUkraine's Higher Economic Court on August 3, 2016, suspended a decision to execute the verdict of Kyiv's economic court of appeals dated June 29 arresting accounts of government-managed Ukrgasbank (Kyiv), the bank has said.

"As part of hearing a counterclaim of Ukrgasbank, the execution of the decision of Kyiv's business court of appeals dated June 29, 2016, has been suspended," the bank said.

The bank added that this concerns almost UAH 159 million on the accounts.

"Law enforcement agencies joined. They are establishing persons who ordered the embezzlement of funds belonged to the state," the bank said.

The bank said that the situation has not affected current operations of the bank and implementing its liabilities to clients.

The State Enforcement Service of the Justice Ministry arrested funds on the correspondent account of Ukrgasbank under a decision of Kyiv's business court to collect the funds in favour of Ukrconcept company.

The bank believes that the actions were initiated by unfair borrowers. They aim at disrupting the bank's work to return non-performing credits.

Ukrgasbank was created in 1993. By January 2016 the state owned 94.9409% of its shares.

Ukrgasbank ranked seventh among 109 operating banks in the country on April 1, 2016, in terms of assets (UAH 48.903 billion), according to the National Bank of Ukraine.
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