FIUKR defaults on its debt

According to the local daily Ekonomicheskye Izvestiya, First Ukrainian International Bank (FIUKR) failed to repay a USD 10 mln of trade loan to Cargill. The deadline on repayment expired last week. The bank’s press-secretary Yulia Zhuliy reportedly said that she “cannot either confirm or deny that the bank failed to meet its obligations”. The newspaper noted that interviewed bankers said that they had suspected that FUIB faced liquidity constraints. Ekonomicheskye Izvestiya said that the bank has to repay a total of USD 900 mln of debt over the next 12 months.