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NADRA BANK Misunderstands the President: No One Called for Disclosure of Debtors’ Names


Ukrainian Business Resource
October, 14

NADRA BANK was not obliged to disclose its borrowers’ names. Attorney-at-law of Volkov Koziakov & Partners Law Firm, Lesya Kovtun explains that in terms of legal analysis of provisions set forth in the Order there are no grounds for the Order to be deemed as void. Whereas the Order is not the act of direct application. But it gave banks no grounds and direct references as for disclosure of the borrowers’ information. «The Order of the President does not require banks to disclose information on borrowers, as Nadra has done referring to the Order. Such act is unlawful, since the Order may not amend provision of the Law on Banks and Banking Activity specifying the grounds for disclosure of bank secrecy.
NADRA BANK has definitely violated the Law on Banks and Banking Activity, infringed his borrowers’ rights and disclosure of this information is illegal. To initiate a criminal case, it is necessary to prove that disclosed parties have suffered material damage. Furthermore, intention of the bank official shall be proved as well».
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