Oschadbank Seeks Legal Action for Seized Assets in Hungary

What Happened

Hungarian authorities detained seven employees of Oschadbank and confiscated two armored cash-in-transit vehicles. While the employees have returned to Ukraine, the vehicles and their contents remain under Hungarian control.

Legal Avenues

Oschadbank is pursuing two primary legal avenues to safeguard its rights. The bank will contest the measures that led to the detention of its employees.

The employees were held for over 24 hours without legal or consular support. Oschadbank is examining possible violations of their rights and is advocating for necessary support for employees engaged in international operations.

Asset Recovery

The bank is also launching legal proceedings to retrieve the seized property. This includes two cash-in-transit vehicles and valuables estimated at approximately $40 million and €35 million, along with 9 kg of bank gold. Oschadbank asserts that these assets were transported following international agreements and in full compliance with European customs regulations.

Background

Oschadbank stresses the legitimacy of its actions and has gathered extensive documentation to support its case. They plan to partner with a prominent international firm for an independent audit concerning this matter.

Amid the ongoing full-scale war, Ukrainian banks face limitations on cash transport, primarily using ground routes. This shipment contained funds entrusted to Oschadbank by Ukrainian citizens and businesses, vital for sustaining the national cash market.

As the situation unfolds, the National Bank of Ukraine has advised financial institutions to reconsider their transport routes to prevent similar incidents. They are also prepared to support currency reserves as necessary to mitigate potential disruptions in foreign currency deliveries.