DEPOSIT GUARANTEE FUND (DGF)
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JSC «BANK VELES»

Briefing note on winding-up of JSC «BANK VELES» by the DGF

Full name of the bank being liquidated
PUBLIC JOINT STOCK COMPANY «BANK VELES»
Short name of the bank being liquidated
JSC «BANK VELES»
NBU resolution on liquidation
On December 10, 2015, the NBU Board approved Resolution # 875/БТ on Revocation of the Banking License and Liquidation of PUBLIC JOINT STOCK COMPANY «BANK VELES».
DGF Executive Directorate’s decision on commencement of the liquidation procedure
On December 10, 2015, the DGF Executive Directorate issued Decision # 219 on Commencement of the Liquidation Procedure of JSC «BANK VELES» 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 December 11, 2015, the DGF initiated the liquidation procedure of JSC «BANK VELES», appointed the DGF authorized officer and delegated to the officer the powers of JSC «BANK VELES» liquidator.
Date when the bank liquidation was announced
On December 17, 2015, the official announcement of JSC «BANK VELES» liquidation was published in the Holos Ukrainy newspaper.
Liquidator of JSC «BANK VELES»
From March 17, 2023, the powers of JSC «BANK VELES» liquidator defined by the Law are exercised directly by the DGF.
Powers of the liquidator
All powers of the bank liquidator defined by the Law.
Deposit payout period
From February 26, 2016 to April 26, 2022.
Liquidation procedure period
Liquidation procedure of JSC «BANK VELES» lasted from December 11, 2015 to April 26, 2022.
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).