Business

14 December 2021, 12:57 PM

Court overturns ruling in favor of oligarch Kolomoisky in PrivatBank lawsuit

Kyiv Court of Appeals recently reversed a 2019 ruling issued by Kyiv District Administrative Court in the long-running legal actions over the ownership of PrivatBank, the National Bank of Ukraine has reported on its website.

“The Court has overturned a ruling by Kyiv District Court of Appeals of April 18, 2019,” said Viktor Hryhorchuk, head of NBU's legal department in a statement.  

“The legal proceedings have now been closed. The Grand Chamber of the Supreme Court's has made its stand on Case No. 826/20221/16 crystal-clear.

“The NBU's decision to identify individuals affiliated with PrivatBank cannot be further disputed by another court.”

All legal proceedings have now been closed, the NBU statement said.

PrivatBank, formerly Ukraine’s largest private bank, and owned by Ukrainian billionaire oligarch Ihor Kolomoisky, was nationalized in December 2016 amid fears that it would collapse due to large-scale fraud robbing it of capital.

At a court session on Dec. 13, Kyiv Administrative Court of Appeals also overturned the an earlier ruling by Kyiv District Administrative Court that had rendered unlawful the NBU's decision to identify parties affiliated with PrivatBank.

The court also closed all related legal proceedings.

The company behind the original controversial lawsuit is Triantal Investments Ltd. It is controlled by oligarch Kolomoisky.

Before the bank's nationalization, Triantal Investments owned 16.7362 percent of PrivatBank's shares.

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