CONCORD BANK WAS ILLEGALLY LIQUIDATED. THE ARIO LAW FIRM TEAM HAS CHALLENGED THE NBU’S DECISION IN COURT

Dnipropetrovsk Circuit Administrative Court has declared the decision of the National Bank of Ukraine to liquidate and revoke the license of Concord Bank to be unlawful and has overturned it. If the appeal upholds the original court's decision, the bank's shareholders will have a clear right to seek compensation from the NBU for the damages caused by its decision. Concord Bank's interests are represented by the team of Ario Law Firm: Senior Partner Julian Khorunzhiy and lawyers Vadym Slyusar, Anton Didenko and Nadiia Hryshchenko.

"The court supported our position and accepted most of the arguments regarding the significant material and procedural violations committed by the National Bank in its decision to withdraw the financial institution from the market," said Julian Khorunzhiy. "We understand that this is only the first step towards justice. The next steps include an appeal and possibly the Supreme Court".

The legal team emphasizes:

• Substantial violations committed by the National Bank during the organization and conduct of the inspection of Concord Bank, in particular the NBU's deviation from the scope of the inspection.
• Incorrect application of banking legislation by the NBU, in particular, arbitrary interpretation of the concept of "systematic violations of legislation in the field of anti-money laundering" and similar issues.

"We firmly believe that our client did not provide the regulator with any legal justification for the bank's liquidation. Despite the media frenzy surrounding the closure of Concord Bank and the significant and sustained public pressure from certain government officials, the court has confirmed our belief," said Julian Khorunzhiy.

Olena Sosiedka, Chairman of the Supervisory Board of Concord Bank, emphasized that the judges based their decision on the practice of the European Court of Human Rights and referred to the Convention for the Protection of Human Rights and Fundamental Freedoms.

"This is significant because the judges emphasized that the revocation of Concord's banking license was a violation of the right to peaceful enjoyment of property. Property rights are fundamental human rights that are protected against arbitrary government intervention. It's important for everyone to keep this in mind," she noted. "This August, it will be one year since the National Bank of Ukraine decided to revoke Concord Bank's license. For almost a year, our team has fought tirelessly to restore what we believe were violated rights, using every legal means available. And now we've achieved an important victory."