Oschadbank to Pursue Legal Action Over Seized Assets in Hungary

The bank stated that Hungarian authorities detained seven of its employees alongside two armored cash-in-transit vehicles. While the employees have since returned to Ukraine, the vehicles and their contents remain under Hungarian control. Oschadbank is pursuing two main avenues to protect its assets and rights. First, the bank will contest the restrictive measures that resulted in its employees being prevented from remaining in the EU. Detained for more than 24 hours without legal assistance or consular support, Oschadbank is examining violations of their rights. The bank pointed out the necessity of ensuring the proper treatment and support for its employees during such international operations. Second, Oschadbank is initiating legal proceedings to retrieve the seized property, including two cash-in-transit vehicles and valuables totaling approximately USD 40 million and EUR 35 million, along with 9 kg of bank gold. The bank asserts that the transport of these assets was carried out under an international agreement, complying fully with European customs regulations and possession of a valid license for international transport. Oschadbank emphasizes the legitimacy of its actions and has compiled comprehensive documentation to substantiate its case. The bank plans to collaborate with a leading international firm for an independent audit of the contractual relationships involved in this incident. During the ongoing full-scale war, banks in Ukraine are restricted to conducting cash transports via ground routes, which are often carried out weekly. This shipment carried funds entrusted to Oschadbank by Ukrainian citizens and businesses, crucial for the operation of the national cash market. As the situation develops, the National Bank of Ukraine has advised banks to rethink their transport routes to avoid similar incidents in the future, expressing readiness to support currency reserves as necessary. The illegal seizure of Oschadbank’s assets could lead to logistical disruptions in foreign currency deliveries, prompting immediate considerations for alternative transport strategies.