Court dismisses Kolomoisky's lawsuit to reverse nationalization of PrivatBank
The Kyiv Commercial Court has ruled that state-owned PrivatBank cannot be returned to its previous owners, dismissing a lawsuit from Ihor Kolomoisky and the bank’s other former shareholders, the National Bank of Ukraine (NBU) reported on May 7.
According to Viktor Hryhorchuk, Head of Claims and Litigation at the NBU, the court dismissed the case since existing laws explicitly proscribe transferring shares of banking institutions from the state to private investors if the business was insolvent at the time of nationalization.
To date, Ukrainian courts have dismissed proceedings in over 30 legal cases related to PrivatBank that challenged the validity of the bank's nationalization, NBU adds.
In September 2023, Ukrainian authorities charged Kolomoisky with legalizing property obtained through fraudulent means. Ukraine’s SBU security service believes that from 2013 to 2020, Kolomoisky legalized more than UAH 500 million ($13 million) by funneling funds out of the country using banking infrastructure under his control.
Kolomoisky was later charged with embezzling funds from PrivatBank amounting to over UAH 9.2 billion ($234 million) and illegally appropriating UAH 5.8 billion ($148 million).
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