“The Deposit Guarantee Fund of Individuals (FGVFO) filed a lawsuit against the State Audit Service of Ukraine (SASU), accusing it of violation of verification procedures.”, — write: epravda.com.ua
The Deposit Guarantee Fund of Individuals (FGVFO) filed a lawsuit against the State Audit Service of Ukraine (SASU), accusing it of violation of verification procedures. This was reported by the press service of the Foundation. FGVFO declares that the comments of DASU regarding the losses of depositors from the low price of selling assets of insolvent banks are selective and unfounded. According to the Foundation, such statements ignore key aspects that “distort the real picture.” The Fund emphasizes that the results of asset sales depend on a number of objective factors:Advertisement: Asset quality. For example, if the assets are of good quality, settlements with creditors can reach 100%. Market conditions. Some assets are sold for 100% or more of their book value (for example, Prominvestbank’s real estate, which was sold at a conversion rate of 166%), while others are much cheaper. It is noted that all assets are put up for transparent auctions through the Prozorro.Sales platform at a starting price that corresponds to their book value or appraised value. However, the final price depends on the real market value that investors are willing to pay. FGVFO rejects accusations of loss of value of assets during the sale, emphasizing that the decrease in value occurs even before the bank is recognized as insolvent. Advertisement: Any assumptions about the deliberate underestimation of the sale price of assets are called baseless and biased, the Fund claims. We will remind: on December 2, the State Audit Service reported that the Individual Deposit Guarantee Fund (FGVFO) sold the assets of bankrupt banks at a significantly lower price than their balance sheet or estimated value.
