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Nadra Bank distorted President’s Order

Ukrainian Business Resource
October, 15

According to the lawyers, having distorted the President’s Order the institution violates provisions of the Law on Bank and Banking. Moreover, reference to the President’s Order is groundless as it, in fact, is not an act of the direct control. The Order does not mean and may not imply a directive to alter provisions of laws in force, and just calls other authorities to pay regard for necessity of implementation of constitutional powers. In addition, the head of the state is not known yet to have signed his order or not. If yes, then it shall come into effect only after promulgation supposed to take 15 days. However to bring the bank to responsibility one needs to prove that actions of its top managers were intentional and that customers suffered losses after information related to them had been disclosed.
The Attorney at Law of Volkov Koziakov and Partners Law Firm Lesya Kovtun commented for UBR that moral damage might be substantiated by loss of business reputation, disruption of certain business links, contacts, etc. However, she added, the foregoing information must be confirmed by respective documents and other grounds as the damage could not be compensated just for the reason that the information had been disclosed.
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