The Commercial Court of Cassation of the Supreme Court has issued a final judgment in case No. 910/1834/19, dismissing the claims of ex-executive Ihor Kolomoisky and the Cyprus-based Triantal Investments LTD.
The court confirmed the legitimacy of the closure of the proceedings and the impossibility of returning the bank’s shares to the former owners.
According to the press service of PrivatBank, this decision puts an end to the case that lasted almost five years and confirms that the nationalization of the bank was carried out in accordance with the laws of Ukraine.
Prior to the nationalization of PrivatBank in 2016, Kolomoisky owned 41.66% of the bank’s shares, and Triantal Investments LTD owned 16.82%. The plaintiffs sought to challenge the agreement under which the state acquired the bank’s shares.
Solvita Deglava, Member of the Management Board for Reorganization and Distressed Assets of the bank, emphasized the importance of this decision for the financial system of Ukraine: “PrivatBank welcomes the fair decision of the court. This is a demonstration of the rule of law and independence of the judiciary. The case of Kolomoisky and Triantal posed significant risks to the economic stability of the country. The bank remains state-owned, and the case has been closed in accordance with the law.”
PrivatBank was nationalized in 2016 due to the identified risks to the country’s financial system that could have led to a large-scale crisis. The bank became state-owned, ensuring the safety of customer deposits and the stability of the banking sector.
Kolomoisky, the former owner of the bank, is currently under investigation for financial crimes.