Ukraine's court abolishes oligarch's Kolomoysky’s surety for loans of PrivatBank

Source : 112 Ukraine

The National Bank of Ukraine intends to appeal against this decision
08:40, 21 April 2019

Ukrainian oligarch Ihor Kolomoysky

Pechersk District Court of Kyiv found invalid the contract on personal guarantee of Ukrainian oligarch Ihor Kolomoysky for refinancing loans that were issued by PrivatBank before the state enters the capital. The press service of National Bank of Ukraine reports this.

The National Bank intends to appeal against this decision, but at the same time, it points to a negative tendency in affairs of PrivatBank, because already the third court decision is not in favor of the state for the last three days.

Related: Privatbank cannot be returned to ex-owners after nationalization, - Deputy Head of National Bank

“One more court decision provokes legal uncertainty, and therefore, potential risks to Ukraine's financial stability in the future. This court decision also complicates the protection of the interests of the state in litigation in other jurisdictions to reimburse damages to the bank and the state caused by the former owners of PrivatBank,” Viktor Hryhorchuk, the head of the juridical department concerning claims and litigations of the National Bank of Ukraine, said this.

Related: Kolomoysky’s lawsuit on return of PrivatBank shares: Court postpones consideration for May 7

On April 18, Kyiv-based court ruled that the nationalization of Privatbank in late 2017 was 'conducted with multiple law breaches.' The court, thus, granted the motion by Ihor Kolomoysky, the oligarch who appealed against the nationalization of the bank he had owned.

District Administrative Court of Kyiv granted the claim of Ukrainian oligarch Ihor Kolomoysky against the National Bank of Ukraine and Ukraine’s Government on nationalization of PrivatBank.

Related: Court rules in favor of ex-PrivatBank owners




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