Court cases regarding customs inspection conclude in favour of Pivdenny Bank executives

Today, court cases have been finally concluded regarding compliance with the customs and border control requirements and the court ruled in favour of Pivdenny Bank executives. Yurii Rodin, Majority Shareholder and Beneficial Owner of Pivdenny Bank and Regional Investment Bank, and Alla Vanetsiants, Chairperson of the Board of Directors of Pivdenny Bank, have provided all the necessary documents and finally legally confirmed the lawful origin of the funds they brought to the Republic of Latvia in May 2019.

On 13 September 2021, the Latvian Economic Court (a trial court) ruled to dismiss the case. Today, on 01 January 2022, the Criminal Cases Judicial Panel of the Riga District Court (a court of second instance) delivered a final and non-appealable judgment, upholding the judgment of the trial court.

The lengthy legal proceedings – lasting over 2 years – were attributable to the absolute necessity to involve public bodies of two countries – the Republic of Latvia and Ukraine – as well as expert organisations and Ukrainian enterprises.

Pivdenny Bank operates in a transparent manner and in compliance with the requirements of both Ukrainian and international laws, while providing top quality customer service primarily to large and medium-sized Ukrainian companies.

Since 2019, the Bank has been consistently included in the list of systemically important banks of Ukraine, i.e. the banks which have a substantial impact on the stability of the nation’s banking system.