The former top manager and shareholder of PrivatBank Oleh Horokhovsky withdrew the lawsuit against the state to invalidate the 2016 contract for the purchase and sale of the bankʼs shares, according to which it was nationalized.
In his lawsuit, the co-founder of Monobank asked to invalidate the contract for the sale of shares of PrivatBank dated December 21, 2016, on the basis of which the state acquired ownership of the bankʼs shares. Similar lawsuits were initiated by Ihor Kolomoisky and Hennadiy Boholyubov — they are being considered by the Commercial Court of Kyiv.
"It so happened that the next hearing of the case was scheduled now. I consider it unacceptable to sue the state during the war, so I withdrew the lawsuit," Horokhovsky explained his decision in a Forbes comment.
Horokhovsky filed a lawsuit back in 2019, but in July 2020, the proceedings were closed based on the provisions of the so-called anti-Kolomoisky law, which expressly prohibit the return of delisted banks to their former owners and shareholders.
Subsequently, the courts of appeal and cassation instance canceled the decision to close the proceedings and returned the case to the State Court of Kyiv for further consideration.
At the beginning of February 2023, the Grand Chamber of the Supreme Court should also consider the case on the claim of another former co-owner and chairman of the board of PrivatBank Oleksandr Dubilet and draw conclusions on the application of the provisions of the mentioned law.
These conclusions will have an impact on all similar cases initiated by the former owners and top managers of PrivatBank.
There are currently more than 40 court cases in the proceedings of the State Court of Kyiv based on lawsuits by former owners, filed with the aim of restoring ownership of PrivatBank shares.