Supreme court reverses favorable decision for Kolomoisky plant in PrivatBank dispute
Ihor Kolomoisky (photo: Sodel_Vladyslav/depositphotos.com)

The Supreme Court, on Wednesday, overturned the lower courts' ruling that favored Ihor Kolomoisky's Nikopol Ferroalloy Plant (NZF) in the legal dispute with the state-owned PrivatBank, the bank's press service reports.

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The High Anti-Corruption Court of Ukraine partially satisfied the cassation appeal of PrivatBank and sent the claim of the Nikopol Ferroalloy Plant for an additional review to the Commercial Court of Kyiv.

The full text of the Supreme Court ruling will be made public in the near future.

NZF demands the termination of obligations under four loan agreements with PrivatBank, referring to its alleged full and proper fulfillment. The bank believes that the former owners are covering themselves with the NZF lawsuit in order to avoid liability in the United States and Israel.

"This is a loan, which is an element of a complex scheme of withdrawing funds, which is currently being investigated by the Delaware Court of Chancery (US), as a result of which PrivatBank suffered multimillion-dollar material damage," the press release says.

PrivatBank notes that the former owners are using the decisions of the Ukrainian courts in this case in order to substantiate the alleged impossibility of consideration of PrivatBank's US and Israeli lawsuits by the courts of the respective countries, as well as the impossibility of consideration by the American courts of the lawsuits of the US Department of Justice regarding the civil confiscation of assets acquired through criminal means.

In February 2023, the Supreme Court reaffirmed the impossibility of returning PrivatBank to its former owners.

In April 2023, HACCU overturned the decision of lower courts regarding Kolomoisky's surety for refinancing loans that PrivatBank received in 2008-2015.