The administrative court of cassation as part of the Supreme Court confirmed the impossibility of returning the state-owned PrivatBank to its former owners and recognized as valid the closure of proceedings in case No. 826/7432/17 on the claim of the bank’s executor Ihor Kolomoiskyi against the Cabinet of Ministers, the National Bank, the Ministry of Finance and PrivatBank. About this informs press service of PrivatBank.
“PrivatBank welcomes the fair decision of the court, which confirms the rule of law in Ukraine. This shows that independent judges act in accordance with the current legislation and democratic principles. Challenging the nationalization created significant risks for the financial stability of the state, taking into account the significant financial resources that were invested by the state to save PrivatBank in order to protect the interests of depositors.” – said Solvita Deglava, a member of the PrivatBank Board for Reorganization and Troubled Assets.
The financial institution recalled that court proceedings in this case had been ongoing since 2017. Kolomoiskyi, who before nationalization owned 41.6572% of the bank’s shares, tried to challenge the decisions of state bodies involved in this process. In April 2019, the District Administrative Court of Kyiv, which was later liquidated, ruled in favor of Kolomoiskyi, declaring the nationalization illegal.
However, after a long appellate review of the case, in November 2023, the Sixth Administrative Court of Appeal granted the petition of PrivatBank, the NBU, the Cabinet of Ministers, the Individual Deposit Guarantee Fund, and the Ministry of Finance and closed the proceedings, canceling the decision in favor of Kolomoiskyi. Now the final victory in the Supreme Court finally secures the bank’s status as a state-owned one.
“The bank remains in state ownership, and the case is closed in accordance with the norms of Ukrainian legislation, which makes it impossible to return the bank’s shares to the former owners”Deglava emphasized.
