The Board of the National Bank of Ukraine has declared BANK SICH JSC insolvent for failure to discharge its liabilities to the NBU within the period prescribed in the refinancing loan agreement due to the lack of funding.
BANK SICH JSC failed to pay interest on refinancing loans for July 2022 in violations of terms and conditions of the General Loan Agreement (hereinafter referred to as the “Agreement”) executed by and between BANK SICH JSC and the NBU. Despite available liquidity funds for paying interest on the refinancing loan, the supervisory board and the board of the Bank adopted the decision not to pay interest on 29 July 2022. Considering the default on refinancing loan interest under the Agreement, the NBU…