The Bank «Finance and Credit»: blocking of corresponding accounts did not influence either clients or liquidity

     According to the Chairman of the Board of the Bank «Finance and Credit» Vladimir Hlyvniuk: «There are not settled but acclaimed by us debts against Cargill company in the amount of $44 million and we intend to restructure our obligations. Negotiations are conducted within the framework of the general process of negotiations on re-structuring of the Bank obligations to foreign investors».
     «Thus we consider to make the best effort to maintain the equality of all creditors», - underlined Vladimir Hlyvnjuk. «We do not refuse the obligations to any Bank creditor, and we want to carry on negotiations for re-structuring of external debts on positions of the equal approach with all creditors»
     «Despite the current situation between the Bank and Cargill Company, it did not influence Bank liquidity, the operational activity of the Bank is carried out in the usual mode and Bank clients receive full services» - added Mr. Hlyvnjuk.

Information:

     On June, 18th, the American company Cargill Financial Service International, Inc. put into the court of New York state with the requirement to block a number of correspondent accounts of the Bank «Finance and Credit» in the USA. This day the court without Bank notice temporarily blocked Bank corresponding accounts according to the existing judiciary practice – before decision rendering on merits.
     On July, 1st, the court of New York state refused Cargill corporation satisfaction of claim requirements on the ground of insufficiency of solid arguments for accounts blocking and recognised claimant's requirements illegal.    
     Cargill Financial Service International, Inc directed the case to the American Appeal court which re-directed the case on July, 10th, on revision to court of the primary jurisdiction.

Contact:

Press-secretary
Bank «Finance and Credit»
Nataliya Napadovskaya
(044) 499-26-51