On 26 November 2024, the Supreme Court dismissed the cassation appeals of the former owners of PrivatBank — Ihor Kolomoisky and Triantal Investments LTD, a Cyprus-based company. In doing so, the court protected the interests of the State as an investor, which had prevented the collapse of the financial system by recapitalising PrivatBank. The nationalisation dispute spanned almost five years.
The Supreme Court upheld the decisions of the lower courts and reaffirmed the impossibility of reclaiming the bank's shares from the investor, and thus the impossibility of returning PrivatBank to its former owners.
Asters' litigation team advising on the case included Сo-Managing Partner Oleksiy Didkovskiy, Partner Andriy Pozhidayev, Counsel Viktor Tarasenkov and Senior Associate Vira Baulina.
In 2019, PrivatBank' former owners, Ihor Kolomoisky and Cyprus-based Triantal Investments LTD, filed a lawsuit seeking to invalidate the agreements concluded during the bank's nationalisation, under which the ownership of the bank was transferred to the state, and to reclaim the bank's shares.
In May 2024, the first instance court ordered to close the case by applying the provisions of Law of Ukraine No. 590-IX "On Amendments to Certain Legislative Acts of Ukraine to Improve the Mechanisms for Regulating Banking Activities". The legality of the order was upheld by the appeal court.
For more information about the case, please follow the 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 1173 branches, 6860 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.
