PrivatBank in Israel files new claim against Kolomoisky for $600 mln

"The bank initiated a new claim in Tel Aviv District Court in Israel against former bank owners and other defendants. The claim is $600 million," the statement said.

Following further analysis, PrivatBank increased the amount of the claims in the Delaware Court of Chancery in the United States, and filed a supplementary claim. PrivatBank is continuing preparations for hearings of its claim against former owners and others persons for a sum totaling more than $3 billion (including interest) in the High Court of England and Wales.

As Ukrinform reported, on December 18, 2016, the Ukrainian government, at the suggestion of the National Bank of Ukraine and the shareholders of PrivatBank (at that time the largest shareholders were Ihor Kolomoisky and Hennadiy Bogolyubov), approved a decision on the nationalization of PrivatBank. The bank was transferred into the state ownership, and the state spent more than UAH 155 billion to increase its capitalization.

The bank former owners consider nationalization illegal. Court disputes are ongoing (both in Ukraine and in foreign jurisdictions). On April 18, 2019, the District Administrative Court of Kyiv overturned the decision on PrivatBank nationalization following the lawsuit filed by Kolomoisky. In response, the Cabinet of Ministers, the National Bank and PrivatBank immediately appealed against the decision in May.

On October 15, PrivatBank in the Court of Appeal of England and Wales won a case against Kolomoisky and Bogolyubov. The judges ruled that "the Bank has a good arguable case to recover the full US$1.9 billion [US$3 billion including interest] given in the particulars of claim," and that the worldwide freezing order should remain in place. The President’s Office stated that whatever the decisions of the courts, there is no reason to return state-owned PrivatBank to its former shareholders.

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