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Ukrainian deposit fund acts to prevent withdrawals from collapsed lender

TheUkrainian Deposit Guarantee Fund said it notified the country's securityservice and prosecutor general's office about changing its legal address and name, saying the move could result in illegal withdrawalsfrom the lender.

Thebank, which lost its license in March, changed its name to Ukrinkom, appointeda new management board president and relocated to Severodonetsk in the Luhanskregion. The beneficiary owner of the new entity is Volodimir Klimenko, theprevious supervisory board chairman at Ukrainian Innovative Bank, the fundnoted in its July 15 statement.

Thefund also said attempts have been made to seize the bank's assets and transferthem to a third party and that the change of name and address could help majorborrowers, many of whom are affiliated with the lender's shareholders, to avoidrepaying loans to Ukrinbank.

Ukrinbankshareholders in April secured a court ruling reversing the decision toliquidate the bank. The central bank and deposit guarantee fund appealed thedecision, but the motion was rejected July 13. The fund added that it alreadyfiled another appeal against the latest court ruling.