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Politics 2019-11-15T06:10:38+02:00
Ukrainian news
Higher Economic Court Upholds Antimonopoly Committee UAH 247,800 Fine On PrivatBank For Late Submission Of Inf

Higher Economic Court Upholds Antimonopoly Committee UAH 247,800 Fine On PrivatBank For Late Submission Of Information

Higher Economic Court, Antimonopoly Committee, upholds, PrivatBank 4, Late Submission Of Information

The Higher Economic Court has upheld the Antimonopoly Committee of Ukraine's decision No.206 of April 19, 2016 penalizing PrivatBank UAH 247,800 for late submission of information requested within the Committee inquiry into alleged breaches of the business competition laws at Ukrnafta's oil auctions.

Ukrainian News Agency learned this from the Court’s resolution of December 20 published on the Unified State Register of Court Judgments.

PrivatBank insists that the authority's penalty decision is unlawful because the information requested by the Committee was provided to it later than the specified time-limits (February 26 instead of January 28) for the only reason of inappropriate wording of the Committee's demand in relation to the legislation.

As Ukrainian News Agency earlier reported, the Antimonopoly Committee of Ukraine in late 2015 began investigating a case upon signs of violation of business competition protection laws by Ukrtatnafta, Oil Refining Complex - Galychyna, Galnafta, Prykarpattianaftotrade, Kotlas, Polygonal and Garant-UTN, by anticompetitive concerted actions to skew the results of crude and gas condensate auctions.

In September 2015, the Security Service of Ukraine initiated a check by the Antimonopoly Committee of possible facts of violation of business competition protection laws by certain economic entities while participating auctions for selling crude oil and gas condensate mined by Ukrnafta.

December 21, the Ministry of Finance acquired ownership of 100% of PrivatBank.

The Ministry may issue the first tranche of domestic-loan government bonds for the increase of PrivatBank’s capital to the tune of UAH 43 billion before the end of December.


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