PrivatBank remains state owned. Igor Kolomoisky finally lost the court appeal against nationalization.
On November 26, the Supreme Court confirmed the impossibility of returning PrivatBank to its former owners. This means that he remains part of the country.
Kolomoisky, who owned 41.7% of the bank’s shares, and Triantal Investments LTD, which owned 16.8%, finally lost the court appeal against nationalization.
It is noted that in this way “the court protected the interests of the state as an investor, which, through the additional capitalization of PrivatBank, prevented the collapse of the financial system.”
Let us recall that the bank was nationalized by government decision in December 2016. The consideration of this case in courts of various instances lasted almost five years.
PrivatBank welcomes such a fair court decision. This is an example of the fact that the rule of law rules in our country, and independent judges work within the framework of existing legislation and democratic values. The case of Kolomoisky and company. Triantal carried significant risks for the state’s financial system due to the demands of our opponents, but the bank remains state-owned. The case was closed in accordance with the requirements of the current legislation of Ukraine on the impossibility of returning the bank’s shares to the former owners,” noted Solvita Deglava, member of the Board for Reorganization and Troubled Assets of PrivatBank.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.