Increase of potential liability for a bank’s related parties

PwC, Kyiv, Ukraine, 
Thu, March 12, 2015

On 8March 2014 the Law which increases the potential liability of a bank’s relatedparties came into force*.
The main provisions of the Law are the following:

• Introduction of administrative fines for a bank’s beneficial owners or other related parties if the bank acts unlawfully or becomes “at risk”.
• Introduction of criminal liability for these persons for driving the bank into insolvency.

We will continue to monitor the situation and keep you updated on the issue.

* Law “On amendments to legislative acts of Ukrainerelated to liability of a bank’s related parties” dated 2 March 2015 No.218-VIII

 
Contacts:

Ron Barden,Partner & TLS Leader, ron.j.barden@ua.pwc.com
Andrey Pronchenko, Legal Director, Tax andLegal Services, andrey.pronchenko@ua.pwc.com
Alexey Katasonov,Senior Attorney, alexey.katasonov@ua.pwc.com

75 Zhylyanska Street| Kyiv | Tel:  +380 44 354 0404 | Fax: +380 44 354 07 90 | pwc.ukraine@ua.pwc.com  |  www.pwc.com/ua 

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