The cassation administrative court within the Supreme Court has confirmed the legality of the order of the National Bank on the inspection of PrivatBank, as a result of which violations were discovered and a decision was made on the nationalization of the financial institution.
This was reported by the bank's press service, Ukrainian News Agency reports.
"The cassation administrative court as part of the Supreme Court granted the cassation complaint of PrivatBank, overturned the decisions of the courts of previous instances and refused to sue Triantal Investments LTD, associated with the former owners of PrivatBank, to declare illegal and cancel the order of the National Bank of Ukraine of October 17, 2016 regarding the inspection of PrivatBank," the statement said.
As a result of this audit, the national regulator identified numerous violations in the activities of management and former owners of PrivatBank in the period up to 2016 and came to the conclusion that it was necessary to withdraw the bank from the market as the only opportunity to save it from bankruptcy and maintain financial stability in Ukraine.
The NBU notes that this is the final judgment in this case, which is an important part of the judicial struggle of the state-owned PrivatBank with the former owners regarding the legality of the nationalization of the financial institution.
As Ukrainian News Agency earlier reported, 100% of PrivatBank belongs to the state on behalf of the Ministry of Finance.
The strategy of managing state-owned banks provides for the sale of PrivatBank within 5 years.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.