PrivatBank appeals court decision to cancel its nationalization

REUTERS PrivatBank, the largest bank of Ukraine, has filed an appeal against the decision of Kyiv&#39;s District Administrative Court of April 18, 2019, over a lawsuit lodged by PrivatBank&#39;s former owner Ihor Kolomoisky to cancel the decision to withdraw the financial institution from the market with the participation of the state. Read alsoMaterialization of PrivatBank-related risks, loss of independence to make NBU use monetary tools PrivatBank also appealed the court&#39;s ruling over a lawsuit filed by another former shareholder of the bank, Cyprus-based Triantal Investments Ltd., over annulment of the decision of the National Bank of Ukraine&#39;s (NBU) commission with regard to the list of persons related to the bank. "With this in mind, the said court decisions have not entered into force and do not have any legal consequences," the bank&#39;s press service said. Earlier, the government and the National Bank of Ukraine took similar actions regarding the decisions of Kyiv&#39;s District Administrative Court. UNIAN memo. The Cabinet of Ministers in December 2016 decided to nationalize PrivatBank, guided by the recommendations of the National Security and Defense Council. Before nationalization, the key shareholders of the bank were businessman Ihor Kolomoisky and his partner Gennadiy Bogolyubov. On April 18, 2019, Kyiv&#39;s District Administrative Court declared unlawful and overturned the decision made in 2016 to withdraw "insolvent" PrivatBank from the market with the participation of the state. The same court overturned the decision of the National Bank on the list of persons related to PrivatBank, which was one of the main for "bail-in" procedures for the bank&#39;s nationalization – the exchange of assets of entities affiliated with the bank for the bank&#39;s shares with their subsequent sale to Ukraine&#39;s Finance Ministry. Ukraine&#39;s international partners, in particular the European Bank for Reconstruction and Development, the World Bank and the U.S. Embassy issued statements of support for the nationalization of PrivatBank.

PrivatBank appeals court decision to cancel its nationalization

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