Court of Appeal confirms that PrivatBank cannot be returned to Ihor Kolomoiskyi

Court of Appeal confirms that PrivatBank cannot be returned to Ihor Kolomoiskyi

The Northern Appellate Commercial Court of Kyiv confirmed the impossibility of returning the state-owned PrivatBank to its former owners, closing the proceedings on the claim of former PrivatBank shareholders Ihor Kolomoiskyi and the Cypriot company Triantal Investments Ltd.

This was reported by the press service of PrivatBank.

Thus, the court confirmed the legality of the actions of the court of first instance to close the proceedings on the basis of Law 590-IX “On the Deposit Guarantee System”.

At the time of the bank’s nationalization, Kolomoiskyi owned 41.7% of the bank’s shares, and Triantal owned 16.6%.

"PrivatBank welcomes the fair decision of the court. Today, the court closed the proceedings on the claim of I. Kolomoiskyi and the Triantal company. In this case, the plaintiffs challenged the contract of sale and purchase of PrivatBank shares concluded in the nationalization procedure, and also put forward demands for the return of PrivatBank shares to ownership. The court applied the provisions of the Law of Ukraine "On the Deposit Guarantee System", which clearly indicate that the bank’s shares cannot be returned to their former owners after sale to an investor and, in accordance with Law 590-IX, closed the proceedings on the case," said PrivatBank lawyer Viktor Tarasenkov.