The British Supreme Court confirmed PrivatBank’s claim to be heard in London | Instant News


KIEV, 7 April (Reuters) – The British Supreme Court has ruled that a $ 3 billion claim by Ukraine’s biggest lender, PrivatBank, against its former owner can be heard in a court in London.

PrivatBank won an appeal in London last year which allowed it to file a lawsuit against its former owners, Ihor Kolomoisky and Gennadiy Bogolyubov.

Kolomoisky, Bogolyubov and six British companies and BVI have asked the Supreme Court, which is the last court of appeal in the UK for civil cases, for permission to appeal the October ruling.

“The court ordered that the appeal be rejected in connection with each application because the application does not increase the legal points that should be considered at this time,” the Supreme Court said in a court order dated April 6.

Reuters cannot contact the former owner of PrivatBank to get an immediate comment.

This case is part of a protracted legal battle between the Ukrainian government and the former owner of PrivatBank after lenders were nationalized in 2016 as part of cleaning up the country’s banking system.

Ukrainian authorities accuse the $ 5.6 billion hole of being left in PrivatBank’s finances because of previous lending practices. This was denied by Kolomoisky, who had taken legal action in a Ukrainian court that was trying to cancel the nationalization.

“The bank is confident that it will eventually recover the amount of more than US $ 3 billion claimed in the process,” PrivatBank said in a separate statement on Tuesday. (Reporting by Natalia Zinets and Karin Strohecker; Editing by Alexander Smith)

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