11:25 13.11.2017

NBU insists on lawful nationalization of PrivatBank in possible intl litigation with bank ex-owner

NBU insists on lawful nationalization of PrivatBank in possible intl litigation with bank ex-owner

The decision to nationalize PrivatBank (Kyiv) made in December 2016 is a justifiable and lawful decision of the state, the National Bank of Ukraine (NBU) has told Interfax-Ukraine in response to a request to comment the notice of the former owner of the bank Hennadiy Boholiubov that he could file a claim to the international court.

"The decision [to nationalize the bank] was executed in line with the Ukrainian law on the guarantee system for individuals' deposits," the NBU said on November 10.

A day earlier, on the website of the Ukrainian News agency, a copy of Boholiubov's notice of claim sent to the Cabinet of Ministers of Ukraine was published. Boholiubov said that in addition to the citizenship of Ukraine, Israel and Cyprus, he also has the citizenship of Great Britain and puts forward his demands within the framework of the bilateral intergovernmental agreement on the promotion and mutual protection of investments signed in 1993, retaining the right to initiate arbitration proceedings in this case without further notification to the Ukrainian government.

The ex-owner of PrivatBank demands from the authorities of Ukraine to restore by restitution his right to the nationalized financial institution. In addition to the rights to PrivatBank, the applicant claims to restore its assets in the bank, which were exchanged for the shares of an additional issue of the bank within the bail-in procedure.

As an alternative restitution option, Boholiubov is ready to accept financial compensation for his stake in PrivatBank before nationalization, as well as personal funds placed in the financial institution.

He explains his arguments that he was deprived of ownership of the bank in an illegal way.

The press service of the Finance Ministry has not commented on this publication, as the lawyers did not receive the relevant official document.

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