The Supreme Court of Ukraine has upheld court decisions obliging ex-owner of the insolvent Delta Bank Mykola Lahun to compensate UAH 4 billion, or $150 million, in favor of the state-run Oschadbank, according to the latter’s press service.
The case concerns Delta Bank’s failure to fulfill obligations under two contracts of 2010 related to the opening and maintenance of correspondent accounts, which were provided against Lahun’s personal guarantees, the press service said.
According to Oschadbank, the ruling by the Supreme Court has for the first time in Ukraine’s history unconditionally confirmed the effectiveness of the institution of surety of an individual on bank obligations under agreements on opening and maintenance of correspondent accounts, which can be used in favor of banks in similar disputes. (UNIAN/Business World Magazine)