• 14/07/2024 09:50

The State Property Fund became the owner of PINbank on behalf of the state instead of the Russian Giner

A stake in the First Investment Bank (PINbank) in the amount of 88.890583%, owned by the Russian businessman Evgeniy Giner, who was subject to sanctions appeals, was re-registered on January 17 of this year to the state of Ukraine represented by the State Property Fund. Interfax-Ukraine reports this.

The State Property Fund became the owner of PINbank on behalf of the state instead of the Russian Giner

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As stated in the bank’s message in the disclosure system of the National Securities and Stock Market Commission with a link to the National Depository of Ukraine, the basis was the decision of the High Anti-Corruption Court (HACC) dated February 27, 2023 on the claim of the Ministry of Justice for the recovery of these shares for state income within the limits of sanctions.


The Ministry of Finance wrote that on February 27, 2023, VAKS recovered 88.89% of the shares of PINbank, owned by Russian businessman Evgeny Giner, in favor of the state. The Ministry of Justice requested the confiscation of the asset, since sanctions were imposed against the Russian.

On March 13, the HACS appeal chamber rejected Giner’s appeal.

“The decision entered into legal force from the moment of its proclamation and is not subject to cassation appeal,” noted the HACS.

According to the information on the website PINbank, as of February 9, 2023, the second shareholder after Giner was Oleksandr Shadruk’s Law Firm Ukrpravo LLC with a share of 9.509417%, the remaining shareholders had 1.6%. However, a mutual venture non-diversified closed-end investor managed by LLC Asset Management Company (AMC) Renome-2008 reported an increase in its stake in PINbank from 1.6% to 5.9478% based on the results of the transaction on May 23, while Ukrprava “It decreased to 5, 0.929%.

PINbank was founded in 1997. At the end of September 2023, PINbank ranked 57th among 63 Ukrainian banks in terms of total assets (UAH 482 million). Its net loss for 9 months of last year amounted to UAH 30 million, however, according to the agency, thanks to the liquidity available in the bank, the issue of transferring it to the Deposit Guarantee Fund is not yet worth it.


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