The Deposit Guarantee Fund for Individuals (FGVFO) will soon cease payments of guaranteed amounts to depositors of JSC ‘AKB Kapital’. This is due to the completion of the liquidation process of the financial institution.
This is reported by Finway
Last Chance to Receive Compensation
According to FGVFO, depositors of the bank have 30 days – from July 1 – to apply for guaranteed funds. After this period, the liquidation balance of JSC ‘AKB Kapital’ will be approved, and compensation payments will cease. Therefore, anyone who has not yet received their funds must contact the Fund’s agent banks, the list of which is available on the official website.
“The Fund informs about the upcoming approval of the liquidation balance of JSC ‘AKB Kapital’ and the start of the procedure to cease payments of the guaranteed compensation amount to depositors of JSC ‘AKB Kapital’. Therefore, we urge depositors of JSC ‘AKB Kapital’ who have not yet received compensation for their deposits to contact the Fund’s agent banks for the guaranteed amount (the full list of such banks is available at the link. – Ed.)”, the statement reads.
Reasons for the Liquidation of Bank ‘Kapital’
Recall that in July 2015, the National Bank of Ukraine recognized ‘Kapital’ as insolvent because most of the bank’s assets and part of its operational capabilities remained in temporarily occupied territories. As a result, it was impossible to ensure adequate cash flow to meet the needs of depositors and creditors, as well as an appropriate level of risk management.
In October 2015, the NBU revoked the license and began the liquidation of the bank. The regulator emphasized that stabilizing the operations of ‘Kapital’ was not possible.