Kolomoisky could sue the state over seized oil assets, sources say

19 November 2022, 01:44 AM
Ihor Kolomoisky (Photo:NV)

Ihor Kolomoisky (Photo:NV)

Ukrainian oligarch Ihor Kolomoisky could decide to sue the government over his shares in Ukrnafta and Ukrtatnafta – Ukrainian oil companies, recently nationalized by the state – sources in the President’s Office told NV on Nov. 18. 

Kolomoisky has been engaged in protracted legal disputes over the 2016 nationalization of PrivatBank – Ukraine’s largest commercial bank, of which he was a major shareholder.

The source also noted that Kolomoisky hasn’t maintained personal contacts with government officials for a while, although he actively defends his interests in PrivatBank-related lawsuits.

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“Kolomoisky’s lawyers are very active, as they take care of all his business,” the source said. “There is a chance that similar lawsuits may also begin with regard to Ukrnafta.”

One of the main reasons why the authorities decided to deprive Kolomoisky of his oil assets was “unsatisfactory” cooperation between the management of these companies and wartime logistics needs of the General Staff of the Armed Forces of Ukraine.

On Nov. 7, controlling stakes in Ukrnafta, Ukrtatnafta, Motor Sich, AvtoKrAZ, and Zaporizhtransformator were transferred to the Ukrainian state. Ukraine’s PM Denys Shmyhal explained that the ownership of the companies was transferred to the Ministry of Defense to help produce critical military goods and to stabilize the country’s energy sector.

Defense Minister Oleksiy Reznikov added the state will manage these companies in the interests of the Armed Forces of Ukraine.

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