UKRAINE Law and Practice Contributed by: Denys Bugay, Volodymyr Vashchenko, Denys Shkarovsky and Oleksandr Lukianenko, VB Partners
• misrepresenting the grounds for revocation of a financial institution’s licence. Constituent elements of the offence • Object – the statutory procedure for conducting financial activities and financial reporting of institu - tions. • Objective aspect: (a) falsification of financial documents; (b) concealment of insolvency; or (c) misrepresentation of grounds for licence revo - cation. • Subject – an official of a financial institution (direc - tor, chief accountant, or other person responsible for financial reporting). • Subjective aspect – direct intent (awareness of the unlawful nature of the act and desire to achieve the result). Sanctions The maximum penalty is restriction of liberty for up to four years, together with disqualification from holding certain positions or engaging in specific activities for up to three years. Liability for Non-Financial Entities Officials of non-financial legal entities may incur crimi - nal liability under the following provisions. Official negligence (Article 367 of the Criminal Code of Ukraine) Liability arises for failure to perform, or improper performance of, official duties due to negligence, resulting in significant damage to protected rights, freedoms, public or state interests, or the interests of legal entities. Constituent elements of the offence • Object – legally protected interests of state authori - ties and legal entities, the violation of which may result from the negligence of an official. • Objective aspect – failure to perform, or improper performance of, official duties due to careless or negligent attitude, causing material damage to the rights and interests of individuals, state or public
interests, or legally protected interests of legal enti - ties. • Subject – a special subject: an official. • Subjective aspect – most commonly manifested as negligence with respect to both the act itself and its consequences. The maximum penalty is imprisonment for up to eight years, along with disqualification from holding certain positions or engaging in specific activities for up to three years. Official forgery (Article 366 of the Criminal Code of Ukraine) This encompasses preparing and issuing knowingly false official documents, or entering knowingly false information into official records. Constituent elements of the offence • Object – legally protected relations in the sphere of official activity, as well as the rights and lawful interests of the state, legal entities, and individuals. • Objective aspect – issuing knowingly false official documents, inserting knowingly false information into such documents, or otherwise falsifying them. • Subject – a special subject: an official (director, officer, or accountant). • Subjective aspect – direct intent (the official is aware of the unlawful nature of their actions and intends to cause the result). The maximum penalty is imprisonment for up to five years, together with disqualification from holding cer - tain positions or engaging in specific activities for up to three years. 3.7 Cartels and Criminal Competition Law In Ukraine, criminal liability is not specifically estab - lished for breaches of economic competition law. However, the Law of Ukraine on Protection of Eco - nomic Competition provides for a range of penalties for non-compliance, including the following. 1. Anti-competitive concerted practices – these include:
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