Confirmation of the Legacy of “PrivatBank” Nationalisation 

by Roman Cheplyk
Friday, February 17, 2023
Confirmation of the Legacy of “PrivatBank” Nationalisation 

On February 15, the Supreme Court of Ukraine proved the legacy of the nationalisation of the originally private bank 

The Grand Chamber of the Supreme Court considered the claim of the former owner of the large Ukrainian bank PrivatBank Oleksandr Dubilet. The businessman stated that the bank was nationaliseds in 2016 illegally. Thus, the highest judicial institution of the state considered the legality of the transaction, the return of the bank to the status of a commercial institution, and the return to the former owners.

The court heard both parties and considered all the details of the case. As a result of all the necessary meetings and procedures, it was decided to dismiss Dubilet's claim without appeal. The Supreme Court followed all laws and constitutional laws. As a result, the court prohibits the return of shares of PrivatBank to the former owners according to the application of the law of Ukraine 590-IX. According to the law, it is impossible to return shares withdrawn from the market of banks to their former owners.

Recall that since 2016, more than 40 claims have been considered. Ex-owners wanted to contest the legality of nationalisations. The most active litigator was Dubilet, who owns only 2.7% of the shares. Note that the plaintiff has been involved in a case of fraud in a financial institution with the scandal around nationalisations. By contesting the legal national process, the former owner of the bank wanted to commit another fraud: to regain a way to make money illegally and to shake investor confidence in the security of private deposits.

But the Supreme Court has put a stop to it. No doubts that the government don't interfere in private business.

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