The case, ongoing since 2017, has been closed. On November 15, 2023, the Sixth Appellate Administrative Court affirmed the legislatively established impossibility of overturning decisions made during the nationalization of PrivatBank and returning the bank's shares to its former owners.
On April 18, 2019, the now-liquidated Kyiv Circuit Administrative Court ruled in favor of Igor Kolomoisky, disregarding the provisions of the Law of Ukraine "On the Deposit Guarantee System for Individuals," declaring the nationalization unlawful.
Oleg Lazovsky, the head of legal coordination department at PrivatBank, stated that the bank welcomes this objective and lawful decision.
"This is a victory for the state and all its institutions. Former bank owners sought to regain ownership, but this is explicitly prohibited by law, a fact affirmed by the appellate court, putting an end to it for now. PrivatBank remains a stable state-owned bank. The state strives to establish the rule of law and demonstrate that all are equal before it. Hopefully, today marks the end of the 7-year legal battle between the former owners and PrivatBank," said Oleg Lazovsky.
He also added that PrivatBank will continue to defend the interests of both the state and the state bank: "This isn't the sole case challenging nationalization, so we speak of ongoing work, continuing the fight. The struggle persists, yet this is the only case where an administrative court made the controversial decision of the unlawfulness of nationalization. Today, that decision has been overturned, and the case is closed."
The Grand Chamber of the Supreme Court, in its ruling on February 15, 2023, definitively closed the proceedings in Olexander Dubilet's lawsuit. Therefore, the court recognized the legitimate application of the laws "On the Deposit Guarantee System for Individuals" and the "anti-Kolomoisky" law №590-IX in this case, establishing the irrevocability of PrivatBank's nationalization and preventing any further attempts to return the bank to former owners.
Continuing the fight for justice and and the protection of the state's legal interests, PrivatBank appreciates the objective consideration of the case by the panel of judges of the Sixth Appellate Administrative Court and the lawful judicial decision it has made. PrivatBank extends gratitude to the National Bank of Ukraine, the Cabinet of Ministers of Ukraine, the Ministry of Finance of Ukraine, and Deposit Guarantee Fund for their years-long support and cooperation in handling this critically important matter for the financial system.
