Ukrainian President Petro Poroshenko has signed the law on refunding depositors the damage caused by abuse in the field of banking and other financial services through the Individuals’ Deposit Guarantee Fund.
According to the presidential press service, Poroshenko signed the law during a meeting with representatives of Bank Mykhailivsky defrauded depositors.
The president noted the government, the Ministry of Finance, the Individuals’ Deposit Guarantee Fund, the National Bank, and the presidential administration jointly and with the participation of defrauded depositors have developed a bill aimed at resolving the issue of deceived citizens.
“A legislative mechanism has been developed, which on the one hand gives green light to money refunds through the Individuals’ Deposit Guarantee Fund and on the other hand turns on red light to fraudsters and moreover strengthens the responsibility of not only bank owners and managers, who joined organization of criminal schemes, but also financial institutions that participated in these schemes,” Poroshenko said.
The president stressed now this law significantly increases the responsibility of such financial institutions and their managers and in 20 days after its entry into force, after the documents are examined, in accordance with law, the Deposit Guarantee Fund may start payments to deceived investors.
