“After almost three years of waiting for Fried Finance, clients can finally access their assets. Forbes Ukraine found out the causes of delays and bureaucratic barriers that complicate investors. Make an annual subscription for six issues of Forbes Ukraine at the cost of four rooms. If exclusive materials, analytics and practical cases are important to you, this offer is perfect for you. […]”, – WRITE: Businessua.com.ua
After almost three years of waiting for Fried Finance, clients can finally access their assets. Forbes Ukraine found out the causes of delays and bureaucratic Barriers that complicate investors.
Make an annual subscription on six issues forbes Ukraine at cost four numbers. If exclusive materials, analytics and practical cases are important to you offer Ideal for you.
The assets of Fried Finance clients remained blocked until August 2, 2025. For more than a month, the owners of more than 12,700 accounts have been entitled to refund or securities. The process is accompanied by difficulty: some investors cannot receive payments for consent to the restructuring of Eurobonds (~ 1.25% of their value). In August 2024, the clients of the company were also deprived of the vote on the restructuring of public debt, which caused losses worth about 160 million UAH.
The chronology of events with Fried Finance Click Read more to view full text
On October 20, 2022, Friedon Finance, owned by Kazakhstan Timur Timur Timur with Russian origin, came under NSDC sanctions. Since then, broker investors have been uncertainty – 12 748 investment accounts have been frozen. 95% of them belong to individuals. According to the Parliamentary Committee, the total value of blocked assets is UAH 3.5 billion.
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The procedure for refund to investors intensified on August 2. Within five days, the National Bank’s depository reported the first transactions with the restoration of access to state bonds and funds from their repayment or interest payments.
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Different categories of assets are returned by individual algorithms – the details of Forbes Ukraine have covered earlier. ICU and University investment companies, as well as banks: PrivatBank, Sense Bank and Monobank are involved in the process.
The key restriction for the transfer of funds to investors’ accounts through “University” is the technical capabilities of the National Bank and the National Depository to process requests. When the number of applications reached hundreds, the waiting time increased to a week or more.
“Most procedures are done manually. The client sends a request to us, we are depository, and these stages are not automated, ”explains Alexey Litvinov, director for the development of the Investment Company.
According to him, manual processing and a large number of clients have complicated the first weeks of the system, but now the number of requests decreases, and the processes are becoming more stable. “In the future, the timing will be reduced,” Litvinov is sure.
As of the moment, the University received 468 applications from clients Fried Finance. The exact time of completion of the procedures is difficult to predict – applications continue to arrive, Litvinov notes.
“The process is going on, some formal difficulties are present, but they are solved,” – said Maxim Dibenko, the head of the initiative group of affected clients.
A separate call is the return of minor amounts where the transaction cost exceeds the amount itself. To solve this issue, small amounts are combined into packages, explains Dibenko.
“If the client wants to withdraw, for example, $ 10 and the bank commission is $ 15, we try to find the best solutions to minimize costs,” Litvinov adds.
Some Fried Finance clients have not yet found their data in the return registers – they contact regulators and the company to clarify information, Dibenko notes.
Currently, an initiative group, which brings together more than 600 investors with frozen assets, is concentrated on compensation of UAH 160 million of losses due to the inability to participate in the vote on the restructuring of Eurobonds a year ago.
“We create a working group with the participation of heads of departments of the Ministry of Finance, the NBU and other parties to find compensation mechanisms. They re -initiated the dialogue with the commission, requiring an official request for the need to solve this problem, ”Dibenko said.
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