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You're reading: Cabinet planning to transfer frozen Nadra deposits to Rodovid by 2010

Cabinet of Ministers intends to transfer clients' deposits in Nadra Bank, one of Ukraine's largest banks, to Rodovid Bank by late 2009, Prime Minister Yulia Tymoshenko said at the meeting with Ukrprombank's depositors.

"We are planning to transfer Nadra Bank's depositors to Rodovid Bank by the end of the year," the prime minister said.

These are about 600,000 people, she added.

Nadra Bank is charged with large-scale financial fraud where UAH 7 billion was embezzled from Ukraine through refinancing, the prime minister noted.

"This is a mega crime and the guilty will be punished," Tymoshenko said.

After tackling problems with Nadra Bank, the government will deal with depositors of credit unions and small banks.

The government will resume the program of returning saver’s deposits lost in the Soviet-era Sberbank, according to Tymoshenko.

As Ukrainian News reported, the Ministry of Finance doubts the decision on Nadra Bank will be made before late December.

The net assets of the Nadra bank had been valued at UAH 25,893.0 million by October 1, 2009, loans and its clients’ liabilities UAH 25,323.6 million and owner’s equity UAH 500.6 million.

Nadra Bank ended the period of January-September 2009 with a net profit of UAH 1,337.898 million after ending the entire 2008 with a profit of UAH 25.857 million.

The shareholders with more than 10% of the shares in the Nadra bank are Novartik Trading Ltd (Cyprus) with 60.99% and Manmade Enterprises Ltd (Cyprus) with 30.74%.

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