Business news from Ukraine

NBU fined IC “Ekta” for late provision of information and documents at request of regulator

On October 20, the National Bank of Ukraine fined IC Ekta (Kyiv) ODO for late provision of information and documents in full at the request of the regulator, according to the NBU website.
It is also noted that the insurance company must pay a fine (the amount is not specified – IF) within seven working days from the date of receipt of the relevant decision of the regulator to impose a fine.
The decision to apply the enforcement measure comes into force on October 21, 2022.
As reported, on August 19, 2022, the National Bank of Ukraine applied a measure of influence to the company in the form of a temporary suspension of licenses to carry out insurance activities for violation of mandatory financial standards (solvency, capital adequacy and risk of operations).
The regulator clarified that the violations were detected based on the results of the analysis of the reporting of the UK for the first quarter of 2022. The insurer had to eliminate the violations by September 20, 2022.
IC “EKTA” was registered in 2018 and specializes in risk insurance.
In the first half of this year, the insurer collected UAH 94.2 million of insurance payments and paid out UAH 6.5 million of insurance payments. The authorized capital is UAH 37 million.

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The Antimonopoly Committee of Ukraine has fined PrJSC Kuznya on Rybalsky plant (Kyiv) UAH 136,000 for submission of inaccurate information in 2018 in relation to seven companies.
According to the decision made on May 20 by the competition agency, unreliable information was submitted while Sergiy Tigipko received permission to concentrate indirectly the Kuznya on Rybalsky plant’s shares in 2018 through Evinz Limited.
According to the decision, the committee on October 18, 2018 granted permission for concentration, based on information about the relationship of control only with Bud-Renovatsiya LLC and Land Development Ltd. Plus.
At the same time, on December 28, 2018, the committee received a petition from the authorized representative of PrJSC Kuznya on Rybalsky plant, which said: the shipyard is also connected by control relations with a number of subsidiaries – the House of Culture, the Medical Sanitary Department, LK-Metallurgy, catering subsidiary Parus, Housing-Operational Office-LK, Vnesheconomservice and Kyivgeist Investment LLC (all based in Kyiv).
Thus, the House of Culture and the Medical Sanitary Department also lease their own real estate, namely office, industrial and warehouse premises within Kyiv city.
According to the committee, the cumulative share of participants in the concentration in 2016-2018 of the rental industrial real estate market within Kyiv city does not exceed 5%, therefore, the provision of inaccurate information did not affect the committee’s decision to give permission for concentration.

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