The Supreme Court confirmed the legality of the nationalization of PrivatBank

The Grand Chamber of the Supreme Court on Wednesday, February 15, satisfied the state cassation appeals and closed the proceedings in the lawsuit of the former minority shareholder of PrivatBank Oleksandr Dubilet, the bank’s press service reported.

“The Grand Chamber of the Supreme Court made a historic decision in the case of Alexander Dubilet’s lawsuit, which makes it impossible to return PrivatBank, which was nationalized in 2016, to its former owners,” the report said.

Dubilet sought to have PrivatBank’s sale and purchase agreements declared invalid, as a result of which the state acquired 100% of PrivatBank’s shares in December 2016.

However, the decision of the Supreme Court confirmed the categorical nature of the application of the “anti-Kolomoisky” law No. 590-IX, which directly prohibits the return of shares of banks removed from the market to their former owners.

According to the final and transitional provisions of Law No. 590-IX, the judicial proceedings in economic cases on the claim of a former bank participant in the case of non-compliance with the means of protection chosen by the plaintiff in the requirements of the Economic Procedure The Code of Ukraine is subject to closure.

The bank noted that the further consideration of more than 40 similar lawsuits depends on this case, with the help of which the former owners of PrivatBank and their entourage tried to challenge the legality of the nationalization.

Earlier it was reported that PrivatBank earned more than 30 billion hryvnias during the war. Last year, PrivatBank won a $1 billion debt arbitration.