10 March 2023, Friday, 15:19 210

International Bank UBS Withdraws Its Lawsuit Against PrivatBank Regarding Its Nationalization

Editor: Daria Zubkova

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The international investment bank UBS AG, without waiting for a decision on the issue of leaving its lawsuit without considering the bank's application, independently withdrew its lawsuit against the state-owned PrivatBank.

This is stated in the message of PrivatBank, Ukrainian News Agency reports.

This became known on March 8 during a session of the Economic Court of Kyiv in the case of Shakoor Capital Limited against PrivatBank.

Previously, the court in this case, at the request of the state bank, had already dismissed the lawsuits of two other international companies - J.P. Morgan and Pala Assets associated with the aggressor country.

In case No. 910/17306/21, the plaintiffs are Shakoor Capital Limited, J.P. Morgan Securities plc, UBS AG, Pala Assets Holdings Limited and the little-known Ukrainian individual-entrepreneur Sazonov D.V. - demand the invalidation of the agreement on the purchase of shares concluded between PrivatBank and UK SPV in 2016.

According to this agreement, PrivatBank's obligations to UK SPV were exchanged for shares of the bank's additional issue during the "bail-in" procedure.

The "bail-in" procedure was an important part of the measures taken by the state to nationalize PrivatBank.

Although the Bank of England and the London Court of International Arbitration recognized the bail-in procedure as legal, the plaintiffs still continue to demand that the contract be declared invalid.

As Ukrainian News Agency earlier reported, next week a court hearing will be held regarding the collection of court costs from J.P. Morgan and Pala Assets in favor of PrivatBank, and in three weeks - the next preparatory meeting in the case.

On Wednesday, February 15, the Grand Chamber of the Supreme Court made a decision that makes it impossible to return PrivatBank, which was nationalized in 2016, to its former owners.