Ukraine`s Deposit Guarantee Fund has extended the period of the liquidation of National Bank for Development (VBR) belonging to Oleksandr Yanukovych, the son of former Ukrainian President Viktor Yanukovych, until 2020, according to a posting on the Fund`s website.
The Fund also prolonged the authority of the bank`s liquidator, Serhiy Mykhno.
As UNIAN reported earlier, the National Bank of Ukraine (NBU) on December 21, 2014, decided to cancel VBR`s banking license and liquidate it. Interim administration was introduced at the bank on November 27, 2014, as the bank had been designated as insolvent.
Oleksandr Yanukovych`s MAKO group of companies, which owns the bank, announced that a claim challenging EU sanctions against the bank`s shareholder, which reportedly served the grounds for the NBU`s decision, was being considered by the Court of Justice of the European Union. What is more, the group was going to appeal against the NBU`s decision in a Ukrainian court.
The group admitted that the bank was in a plight due to the loss of branches in Russia-occupied Crimea and Donbas, and claimed it thus counted on the NBU`s support.
VBR entered the Ukrainian market in 2009. It belonged to the group of large-scale banks in Ukraine. The bank`s assets skyrocketed by 13 times over Viktor Yanukovych`s presidency.