NBU / Photo from UNIAN
The National Bank of Ukraine (NBU) on December 21 decided to revoke a banking license and liquidate PJSC All-Ukrainian Development Bank, owned by a son of Ukraine's ex-president Viktor Yanukovych, the NBU reported on its website.
It is noted that the decision was made following a proposal of Individuals' Deposit Guarantee Fund.
The liquidation of the bank will last for two years - until December 22, 2017.
Read alsoSBU spots channel used to syphon Yanukovych junior's funds to RussiaAs UNIAN reported earlier, on November 27, 2014 the NBU recognized the All-Ukrainian Development Bank insolvent, and the provisional administration was introduced for three months, until February 27, 2015. According to the NBU, the regulator's decision was prompted by the imposition of the European Union sanctions against the bank's shareholder in the form of assets freeze.
At the same time, Yanukovych's MAKO Group of companies, which owns the bank, claimed the bank was solvent, and an application for lifting sanctions has been under consideration of the European Court of Justice. Therefore, the Group intends to appeal against the NBU decision in court. However, the Group acknowledged that the bank was in a difficult situation due to loss of branches in Crimea and eastern Ukraine, and was expecting the assistance from the regulator.
The All-Ukrainian Development Bank has been operating in the Ukrainian market since 2009 and is one of the major financial institutions. During Yanukovych's presidency the bank's assets increased by almost 13 times.