The National Bank of Ukraine (NBU) reported that the Supreme Court has dismissed a cassation appeal by former PrivatBank co-owner Igor Kolomoisky and upheld the appellate decision closing proceedings that sought to challenge state authorities’ actions to resolve PrivatBank with state participation. The court’s ruling is final and confirms it is impossible to return the state-owned bank to its former owners. The case follows a 15 November 2023 decision by the Sixth Administrative Court of Appeal overturning an 18 April 2019 judgment by the District Administrative Court of Kyiv that had annulled the authorities’ decisions on PrivatBank’s resolution with state involvement. The NBU said the Supreme Court confirmed the legality of closing the proceedings on the basis of Law of Ukraine No. 590-IX, and its governor noted that all decisions by the authorities regarding PrivatBank’s nationalization remain valid. The release also reiterated the 18 December 2016 determination of PrivatBank as insolvent, citing negative regulatory capital confirmed by an independent audit firm, shareholders’ failure to implement a financial recovery program, and subsequent state recapitalization of more than UAH 155 billion.
National Bank of Ukraine 2025-02-27
National Bank of Ukraine reports Supreme Court ruling confirms PrivatBank nationalization cannot be reversed
The National Bank of Ukraine announced the Supreme Court dismissed Igor Kolomoisky's appeal, affirming the closure of proceedings challenging PrivatBank's state resolution. This ruling confirms the bank's nationalization is irreversible and validates actions under Law of Ukraine No. 590-IX. The decision follows legal affirmations regarding PrivatBank's insolvency and state recapitalization exceeding UAH 155 billion.