Return of PrivatBank to former owners is impossible — National Bank

NBU First Deputy Governor Kateryna Rozhkova said this at a press briefing regarding appeal against the court decision to nationalize PrivatBank, the NBU’s press service reported.

"PrivatBank’s nationalization was an important step towards ensuring financial stability. The decision to implement the government-assisted resolution of the insolvent PrivatBank was made in accordance with applicable law and supported by the National Security and Defense Council of Ukraine and the government of Ukraine with the aim to deliver financial stability and to safeguard the funds of the public. The legality of this decision is obvious, and there are no legal or economic grounds to reverse it," she said.

Rozhkova adds that after the insolvent bank was resolved in a government-assisted procedure, the bank migrated fully to a market-driven business model and is now Ukraine’s most profitable bank and a part of the stable and transparent banking system.

As reported, on April 18, 2019, Kyiv's District Administrative Court satisfied businessman Ihor Kolomoisky's claim against the National Bank of Ukraine, the Cabinet of Ministers, the Deposit Guarantee Fund and the National Commission on Securities and the Stock Market regarding the nationalization of PrivatBank. The case, which includes over 50 volumes, was considered from June 2017.

The Finance Ministry is preparing to appeal against the court decision regarding the illegal nationalization of PrivatBank. The National Bank of Ukraine will also submit an appeal against the ruling.

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