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Kyiv's Pechersky District Court has rejected the claim against the National Bank of Ukraine (NBU) on recovery of UAH 1.6 billion (US$60.4 million) in losses lodged by ex-president Yanukovych's son Oleksandr Yanukovych, the owner of Vseukrayinsky Bank Rozvytku (all-Ukrainian Development Bank, VBR Bank) which is now under liquidation, according to the NBU website.
Being the bank's shareholder, Yanukovych Jr. claimed compensation for losses in connection with the withdrawal of the financial institution from the market. However, the court found no grounds to satisfy the claim, the report said.
The NBU recalled that in January 2016, the Higher Administrative Court of Ukraine confirmed the legality of the decision to recognize the VBR Bank insolvent after applying the European Union's sanctions to its shareholder.
Read alsoLiquidation of bank belonging to Yanukovych's son extended until 2020
As was reported, the Kyiv-based VBR Bank has worked in the Ukrainian market since 2009, categorized as one of Ukraine's "large" financial institutions. The bank's assets grew almost 13-fold during Viktor Yanukovych's presidency.
The National Bank on December 21, 2014, made a decision to revoke the institution's banking license and liquidate the bank. The interim administration has been introduced in the VBR Bank November 27, 2014.