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

The National Bank of Ukraine believes the PrivatBank can be nationalized once again
21:01, 20 May 2019

 

 

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The Cabinet of Ministers of Ukraine appealed against the decision of the District Administrative Court of Kyiv concerning the lawsuit of Ihor Kolomysky on cancelation of the nationalization of the PrivatBank. Interfax-Ukraine reported referring to the register of the appeals.

The National Bank of Ukraine is ready to nationalize PrivatBank a second time.

Rozhkova’s determination to keep PrivatBank in state hands, for now, may reassure foreign creditors and investors, who worry that legal wrangling over PrivatBank threatens Ukraine’s financial stability.

Related: How could Zelensky defend PrivatBank?

The authorities have been locked in a protracted battle with the former main owner of PrivatBank, Ihor Kolomoisky, one of Ukraine’s richest men, who says his bank was nationalized without justification. He has challenged the decision in court.

Rozhkova said overturning the nationalization would derail Ukraine’s $3.9 billion program with the International Monetary Fund and rock investor confidence.

Related: Prosecutor General Office investigates Poroshenko's influence on 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: Court merges five Kolomoysky’s lawsuits against Ukraine's National Bank, PrivatBank

 

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