Privat Bank decision by Kyiv Court causes corruption concerns

🔵 On Tuesday, a Kyiv court ruled that PrivatBank should pay $350 million – principal and interest – for deposits of six British companies owned by Ihor and Hryhoriy Surkis, two brothers who were business associates of PrivatBank’s former owners, Ihor Kolomoisky and Gennadiy Boholyubov. PrivatBank lawyers said yesterday they will appeal, arguing that the brothers were related parties to the mismanagement of the bank. The Surkis and other depositors have filed hundreds of lawsuits suing for $1.2 billion.

🔵 “We will challenge this decision,” Petr Krumphanzl, a Czech banker who is Board Chairman of PrivatBank, told Ukrinform. We will continue to seek justice for PrivatBank and Ukrainian taxpayers who are the bank’s ultimate shareholders.”

🔵 “One of the biggest transgressions in the history of the judicial power of Ukraine took place today,” Justice Minister Denis Malyuska wrote on Facebook. Noting that the judge’s name Vovk, also means ‘wolf’, he illustrated his complaint with a cartoon of a gray wolf happily carrying away a big bag of loot.

🔵 Alexander Danilyuk, Finance Minister at the time of the nationalization, warned on Facebook yesterday: “This is the beginning of the collapse of the results of the nationalization of PrivatBank.” He warned that if the lawsuits are not stopped, they could cost Ukraine’s government billions of dollars.

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