The court confirmed the illegality of the transfer of Delta Bank property rights under the loan agreements for a total amount of UAH 1.3 billion to companies who are affiliated with the retailer of electronics and home appliances. This is stated in the message of Fund of guaranteeing the deposits of individuals.

The Foundation said that before the introduction of temporary administration of Delta Bank entered into an agreement on pledge of property rights on natural persons credit for the more than 830 million UAH, which provided the Bank fulfils its obligations, OOO Flamenco. Then the subject of pledge was valued by the parties in the amount of 331,55 million UAH, that is almost 2.5 times less than the value of the property rights.

A similar agreement was signed also with SAV-distribution on the assignment of rights under credit contracts concluded by Bank with physical persons-borrowers, with a total value of over UAH 560 mn. By agreement of the parties the subject of pledge determined in the amount of 226 million UAH, that is also less than 2.5 times book value.

The authorized person of the Fund has considered these contracts is negligible. Signs of the nullity of these agreements, confirmed on 17 October the decision of Economic court of Kiev in cases Nos. 910/83/16 and No. 910/79/16.

“These decisions have entered into force, on 7 and 17 November, respectively, and therefore will allow for the realization of the assets of Delta Bank, and the obtained means to direct on repayment of requirements of creditors of Bank”, – noted in the Fund.

The court cancelled the illegal withdrawal of UAH 1.3 billion from Delta Bank 30.11.2017

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