The court made the final confirmation of the legality of the nationalization of PrivatBank

The Administrative Court of Cassation as part of the Ukraineʼs Supreme Court finally confirmed the legality of the nationalization of PrivatBank. The corresponding decision was made on July 26.

The courtʼs decision is available on the bankʼs website.

The former owners of the Triantal investments LTD company demanded that the order of the NBU dated October 17, 2016 on the inspection of PrivatBank be recognized as illegal.

It was as a result of this inspection that the National Bank discovered irregularities in the work of the management and former owners of the bank, after which it nationalized it in order to avoid bankruptcy and maintain financial stability in the country.

"This is the final court decision in this case, which is an important component of the legal battle between the state-owned PrivatBank and its former owners regarding the legality of nationalization," the bank noted.

• PrivatBank was nationalized on December 21, 2016 — the Ministry of Finance bought 100% of the bankʼs shares for one hryvnia. According to the NBU, as of December 21, Ihor Kolomoisky directly owned 41.6% of the bankʼs shares, another 16.5% — indirectly through the company Triantal investments LTD. Gennadiy Bogolyubov directly and indirectly owned 41.5% of the bankʼs shares. Oleksandr Dubilet, the chairman of the board, owned 2.7% of the bankʼs shares.