DEPOSIT GUARANTEE FUND (DGF)
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PJSC «KSG BANK»

Briefing note on winding-up of PJSC «KSG BANK» by the DGF

Full name of the bank being liquidated
PUBLIC JOINT-STOCK COMPANY «KSG BANK»
Short name of the bank being liquidated
PJSC «KSG BANK»  
NBU resolution on liquidation
On August 30, 2016, the NBU Board approved Resolution # 239-рш/БТ on Revocation of the Banking License and Liquidation of PUBLIC JOINT-STOCK COMPANY «KSG BANK».
DGF Executive Directorate’s decision on commencement of the liquidation procedure
On August 30, 2016, the DGF Executive Directorate issued Decision # 1656 on Commencement of the Liquidation Procedure of PJSC «KSG BANK» and Delegation of Powers of the Bank Liquidator. In accordance with Subparagraph 1 of Part 2 of Article 46 of the Law of Ukraine on the Household Deposit Guarantee Scheme (hereinafter – the Law), from the starting day of the bank liquidation procedure terminated shall be all the powers of the bank governance bodies (general meeting, supervisory board and management board) and bodies of control (audit committee and internal audit). Senior managers of the bank are dismissed in connection with the bank liquidation.
Starting day of the bank liquidation
On August 31, 2016, the DGF initiated the liquidation procedure of PJSC «KSG BANK», appointed the DGF authorized officer and delegated to the officer the powers of PJSC «KSG BANK» liquidator.
Date when the bank liquidation was announced
On September 2, 2016, the official announcement of PJSC «KSG BANK» liquidation was published in the Holos Ukrainy newspaper.
Liquidator of PJSC «KSG BANK»
The DGF through the authorized officer under the Law.
Authorized officer
Iryna V. Bila, Lead Bank Liquidation Specialist of the Bank Liquidation Procedures Division, DGF Bank Liquidation Department.
Powers of the liquidator
The powers of the liquidator, as defined by the Law, in terms of preservation of all, including financial and economic, documents of an insolvent bank, defined by Article 521 of the Law.
Date when the deposit payout commenced
Payment of the guaranteed amount to PJSC «KSG BANK»’s depositors commenced on September 26, 2016.
Special powers of the DGF in terms of recovering damages (losses) caused to the bank and/or its creditors
According to Part 7 of Article 52 of the Law, the DGF enjoys the right to apply to courts of an appropriate jurisdiction (including foreign courts) with a lawsuit seeking damages (losses) caused to the bank in case of:
- finding the decisions, actions or omissions resulted in damages (losses) to the bank and/or its creditors;
- identifying the persons who contributed to such decisions-making, actions or omissions and/or received pecuniary benefits;
- determining the amount of damages (losses) suffered.
DGF enjoys the right to file such lawsuits with the courts of an appropriate jurisdiction (including foreign courts) during the bank liquidation procedure and three years after making the bank termination record (special statute of limitations).