Kolomoisky seeks return of his stake in PrivatBank in court

Kyiv's Economic Court is considering a lawsuit lodged by Ukrainian businessman Ihor Kolomoisky for invalidation of the agreement on the sale and purchase by the Ukrainian government of PrivatBank shares. On April 9, the court accepted an application for amending the subject of the lawsuit, the bank's press service told Ekonomichna Pravda, a Ukrainian business news outlet. In particular, Kolomoisky and Cypriot-based Triantal Investments Ltd. supplemented their lawsuit with new claims demanding that Ukraine return respective stakes in PrivatBank to each of them. The court also refused to satisfy the motions by Ukraine's Finance Ministry to leave the lawsuit without consideration. The ministry questioned the procedural legal and corporate capacity of the Cypriot-based company, and also stressed the lawsuit had no evidence of Kolomoisky's right of ownership of PrivatBank's common registered shares. Before the bank was nationalized, Kolomoisky owned a 41.6572% stake in the financial institution, while a 16.5748% stake belonged to Triantal Investments Ltd. UNIAN memo. Dnipro-based PrivatBank has been operating in Ukraine since 1992. It is Ukraine's No. 1 bank in terms of assets. On December 18, 2016, Ukraine's Cabinet of Ministers decided to nationalize PrivatBank, guided by the recommendations of the National Security and Defense Council of Ukraine based on the National Bank's proposal.

Kolomoisky seeks return of his stake in PrivatBank in court

UNIAN Web subscription