The “International Investment Bank” (IIB) may revoke its securities trading license after the introduction of sanctions against its beneficial owner, Petro Poroshenko. Relevant question for now considers National Commission for Securities and Stock Market (NCSCFR).
The NCCPFR received a plan of measures to implement the decree on sanctions against a number of individuals, including Petro Poroshenko. According to this document, the Commission is included in the list of bodies responsible for the implementation of sanction measures.
“After receiving the relevant Decree of the President of Ukraine, the ownership structure of JSC “International Investment Bank” JSC and other professional participants of the capital markets and organized commodity markets was analyzed for implementation by the relevant structural units of the Commission. Based on the results of the analysis, a person was identified to whom personal special economic and other restrictive measures (sanctions) were applied.” – noted in NKCPFR.
According to Article 74 of the Law “On Capital Markets and Organized Commodity Markets”, a person who is under sanctions cannot own a significant share (more than 10%) in the capital of an organization licensed by the NCCPFR.
We will remind that on February 18, the National Bank of Ukraine announced the introduction of restrictions against Petro Poroshenko’s “MIB”. In particular, the regulator is considering the possibility of depriving Poroshenko of his voting rights for his shareholding in the bank.
