The NBU claims victory in the appeal seeking reversal of the earlier decision of low-tier court in the lawsuit lodged by Kolomoyski-affiliated company.
In a statement issued Tuesday, the National Bank of Ukraine said the Appellate court overturned earlier verdict of Kyiv District Administrative court that allowed a Cypriot company Triantal Investment Ltd seek return of their PrivatBank shares.
‘According to the position of the Grand Chamber of the Supreme Court of Ukraine, an NBU decision determining a list of related parties can be contested in courts’, said Viktor Grygorchuk of the NBU legal team.
The litigation was part of wider campaign of Kolomoyski to reclaim the funds of PrivatBank, which, he complains, were grabbed from him by the Ukrainian government the illegitimate way.
In April, 2019, Kyiv District Administrative court sided with Kolomoisky’s Cypriot company ruling that the NBU resolution determining a list of related parties of PrivatBank was unlawful. The lawsuit was lodged by Triantal Investments Ltd allegedly owned by Kolomoyskiy which owned 16,5% shares of PrivatBank before it was taken over by the Ukrainian government.
The solution in question listed the legal entities that fell under the bank’s bail-in procedure – which involved the writing down of $1.1 billion of the bank’s liabilities.
Privatbank was nationalized in 2016 after the Kroll investigation found the massive fraud scheme that burned a $ 5.5 billion hole in the bank pocket.