23 February 2023, Thursday, 17:01 263

Court Refuses To Consider Claims Of J.P. Morgan And Pala Assets Against PrivatBank

Editor: Daria Zubkova

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The Economic Court of Kyiv refused to consider the lawsuits of J.P. Morgan and Pala Assets companies (the beneficiary of the latter is a citizen of the aggressor country) against PrivatBank.

This is stated in the bank's message, Ukrainian News Agency reports.

The companies joined the legal process initiated by Shakoor Capital, but the court, at the request of PrivatBank, stopped consideration of their claims to invalidate the agreement on the purchase of shares concluded during the nationalization process between PrivatBank and UK SPV in December 2016.

In addition, the little-known individual entrepreneur Dmytro Sazonov was denied consideration of his request to demand from the Bank of England documents related to the nationalization of PrivatBank.

The lawsuit in case No. 910/17306/21 was filed by Shakoor Capital Limited, which was later joined by J.P. Morgan Securities plc and UBS AG, as well as Pala Assets Holdings Limited and the Ukrainian individual entrepreneur Sazonov D.V.

At the next court session, which will be held on March 8, the court will consider PrivatBank's request to dismiss the lawsuit against UBS AG, due to the latter's failure to fulfill the procedural obligation established by the court.

Consideration of the case has been ongoing since 2021 (the lawsuit was filed almost 5 years after the nationalization of PrivatBank) and, most likely, it will be significantly delayed, because the previous decision of the Economic Court of Kyiv, which was returned without consideration of the lawsuit of Concorde (Bermuda) Limited and Avalia Investments Limited companies, was appealed before the appeal.

All plaintiffs are represented by lawyers of the same law firm, whose actions do not allow putting a final end to the disputes regarding PrivatBank's Eurobonds with an expiration date of more than 7 years.

As Ukrainian News Agency earlier reported, the Grand Chamber of the Supreme Court on Wednesday, February 15, made a decision that makes it impossible to return PrivatBank, which was nationalized in 2016, to its former owners.