National Bank wins cases against refinancing loan companies tied to Kolomoysky

Source : 112 Ukraine

On May 14, the Grand Chamber of the Supreme Court finished the cases on suits of property guarantors
16:12, 22 May 2019

Open source

The National Bank of Ukraine (NBU) and PrivatBank won the courts against companies connected to the former co-owner of the bank, Ihor Kolomoysky, through which they wanted to relieve themselves of their obligations on refinancing loans, as Interfax-Ukraine agency reported.

According to court materials, the NBU and PrivatBank won a lawsuit against Nikopol Ferroalloy Plant and Trovelko Holdings Ltd (Cyprus), which demanded from the court to release them from obligations on refinancing issued earlier to PrivatBank by the NBU in amounts of 98.6 million dollars and 5.4 million dollars, respectively.

According to the NBU press service, the purpose of the lawsuits is to avoid obligations not only by the legal entities associated with the former owners of the bank, who transferred the property belonging to them to the National Bank, but also by the financial guarantor - Kolomoysky. This category of cases was considered by the courts of all instances, starting from 2017. Kyiv Economic Court and the Kyiv Economic Court of Appeal initially satisfied all such claims, and only after the Cassation Court in the Supreme Court expressed the legal position in support of the NBU and PrivatBank and canceled previous court decisions, did the Northern Economic Court of Appeal also sided with regulator.

Related: Ukraine's Cabinet of Ministers appeals against cancelation of nationalization of PrivatBank

"On May 14, the Grand Chamber of the Supreme Court completed cases on claims of property guarantors related to the former owners of PrivatBank, on refinancing loans to the NBU and PrivatBank in the obligations of the regulator to write off funds from the bank’s correspondent accounts of the bank to pay off the debt on refinancing and PrivatBank’s liabilities to pay off the debt to the NBU, ” the NBU spokesman said.

It is noted that, taking into account the provisions of the economic procedural legislation, the legal positions of the Supreme Court are binding on the courts of all instances in such disputes.

As it was reported earlier, the court merged five Kolomoysky’s lawsuits against Ukraine's National Bank, PrivatBank.

The Prosecutor General Office launched an investigation on alleged pressure put by President Poroshenko on judges of PrivatBank case.

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: National Bank of Ukraine ready to nationalize PrivatBank again

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