Ex-PrivatBank executive takes on Ukrainian government in court battle over bank nationalization
A former minority shareholder of PrivatBank, Oleksandr Vityaz, filed a case against the Ministry of Finance to invalidate the share sale agreement during the nationalization of PrivatBank and to have his PrivatBank shares returned. The hearing will be held on Dec. 12.
The court will also decide whether to close the proceedings based on the provisions of Law 590-IX, the so-called "anti-Kolomoisky law."
Similar proceedings were brought earlier this year. On Nov. 27, 2023, the Kyiv Commercial Court invalidated transactions within the framework of the nationalization of PrivatBank in 2016.
On Feb. 15, 2023, the Grand Chamber of the Supreme Court confirmed the legality of closing the proceedings in a similar case brought by Oleksandr Dubilet. On Nov. 15, 2023, the Sixth Administrative Court of Appeal also confirmed the statutory impossibility of reversing decisions made by state authorities during the nationalization of PrivatBank and returning the bank's shares to the former owners.
Prior to the state nationalization of PrivatBank, Vityaz was a deputy chairman of the bank's board and a minority shareholder. He was the main ideologist and developer of the Privat24 mobile app.
In 2017, almost simultaneously with other ex-owners and ex-managers of the bank, Vityaz filed lawsuits challenging the nationalization and bail-in. According to PrivatBank's lawyers, this was done not only to recover the lost funds, but also to use negative decisions for the state, such as the "cancellation of nationalization" as a precedent to protect the interests of the bank's ex-owners in court cases abroad.
Another former minority shareholder of PrivatBank, Oleh Horokhovskyi, earlier dropped his lawsuit to invalidate the bail-in procedure.
We’re bringing the voice of Ukraine to the world. Support us with a one-time donation, or become a Patron!
Read the original article on The New Voice of Ukraine
