The court of cassation upheld the decision of the Sixth Administrative Court of Appeal of 15 November 2023, which overturned the unlawful first instance judgment granted to PrivatBank's former owner and terminated the proceedings in this case. By deciding so, the court of cassation definitively reaffirmed that PrivatBank cannot not be returned to its former owners.
Asters successfully defended PrivatBank in this case, which was pending before courts of different levels since 2017.
The court of cassation therefore defended the interests of the State as the investor, that prevented the collapse of Ukrainian financial system by recapitalising PrivatBank.
Asters' litigation team advising on the case included Managing Partner Oleksiy Didkovskiy, Partner Andriy Pozhidayev, and Senior Associates Vira Baulina and Oleksiy Ukolov.
For more information on this case, please follow this link.
PrivatBank is the largest state-owned bank in Ukraine. Today, the bank serves more than 18 million active customers, and 70% of Ukrainians use its services. The bank is a leader in the retail segment and actively introduces services for small and medium-sized businesses. It has a strong digital ecosystem and an extensive network of 1,173 outlets, 6,860 ATMs, almost 10.4 thousand self-service terminals, and more than 311,000 POS terminals throughout the country. PrivatBank's team includes more than 19,000 employees.
Asters is the largest full-service law firm in Ukraine with offices in Kyiv, Brussels, London, and Washington, D.C., and access to over 125 jurisdictions through a well-developed network of partner law firms.
