PrivatBank initiates arbitration proceedings against Russia in The Hague to protect Crimean investment
Ukraine's largest bank PrivatBank (Dnipropetrovsk) has initiated arbitration proceedings against Russia to protect the investment the bank lost due to the annexation of Crimea, the bank's press service told Interfax-Ukraine on Wednesday.
"PrivatBank jointly with Finilon finance company has initiated arbitration proceedings against the Russian Federation for the protection of the investment lost in Crimea. An arbitration court has been formed and will carry out the proceedings in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL)," the press service said.
Court hearings on the case will take place in The Hague (the Netherlands) the bank said, without specifying the sum of the claim.
PrivatBank was founded in 1992. Its largest shareholders were Hennadiy Boholiubov and Ihor Kolomoisky with shares of 45.3349% each, the bank said.
The bank ranked first among the 133 operating banks in the country as of April 1, 2015, in terms of total assets worth UAH 248.041 billion, according to the National Bank of Ukraine.