Ukraine's Northern Appellate Commercial Court has refused to release businessman Oleh Bakhmatiuk from his personal guarantee on refinancing loans that the National Bank of Ukraine (NBU) issued to two banks he once controlled, leaving him liable for roughly 7.9 billion hryvnia in debt.
The National Bank announced the ruling on Tuesday, September 15. The NBU is Ukraine's central bank, responsible for monetary policy, banking supervision and winding down lenders that become insolvent.
According to the NBU, the appellate court ruled on September 9, dismissing an appeal filed by a company called Quickom and upholding a first-instance decision that had already refused to terminate Bakhmatiuk's guarantee on loans issued to VAB Bank.
The same appellate court had earlier reached an identical conclusion in a separate case involving the bank Financial Initiative, again rejecting Quickom's appeal and leaving the original first-instance ruling in place.
Seven Cases Worth 7.9 Billion Hryvnia
The National Bank says the total debt it is trying to recover from Bakhmatiuk as guarantor now stands at about 7.9 billion hryvnia, spread across seven main court cases.
Five further cases brought by the regulator over the debts of VAB Bank and Financial Initiative remain pending before the Pecherskyi District Court in Kyiv, which frequently hears major financial disputes involving the central bank.
Stabilization loans, also called refinancing loans, are emergency funds that Ukraine's central bank extends to commercial banks facing liquidity shortages. In VAB Bank's case, the loan was backed by a personal guarantee from Bakhmatiuk as the bank's owner, and it is that guarantee the NBU is now trying to enforce.
Supreme Court Upheld Earlier Ruling
On May 27, 2026, Ukraine's Supreme Court confirmed decisions by lower courts ordering Bakhmatiuk to repay the National Bank 1.2 billion hryvnia over a stabilization loan issued to VAB Bank. That loan was issued in 2014, and LIGA.net has previously reported in detail on the circumstances surrounding it.
Collapse of VAB Bank
The National Bank declared VAB Bank insolvent on November 20, 2014, placing it under temporary administration before it was later liquidated. The bank was among dozens shut down by the NBU as part of a sweeping clean-up of Ukraine's banking sector that followed the country's 2014 political upheaval and the start of the war in the east.
Bakhmatiuk was the former owner of both VAB Bank and Financial Initiative. He is also known as the owner of the Avanhard agricultural holding, better known by its trading name Avangardco, which has been described as one of Europe's largest egg producers and has previously sold bonds on international markets.
Criminal Case Also Pending
Beyond the financial claims, Bakhmatiuk also faces criminal liability, the National Bank said, without giving further detail.
