PrivatBank to challenge court ruling on illegitimacy of bail-in procedure

14:41, 24.05.2017 1 min read

PrivatBank is going to appeal a ruling by Kyiv's district administrative court, which found it illegal to forcibly swap PrivatBank's certain obligations for shares of an additional issue by the bank, the so-called bail-in procedure.

"The decision of the court of first instance will be appealed by us, and we will prove our position," PrivatBank CEO Oleksandr Shlapak told journalists in Kyiv on Wednesday.

According to him, the claims brought against the bank are about UAH 1 billion in liabilities to the Surkis family and about UAH 360 million in liabilities to the former shareholders of the bank.

At the same time, Shlapak recalled that the bail-in operation had been handled by the Individual Deposits Guarantee Fund under the leadership of the National Bank of Ukraine (NBU).

"We had previously agreed that further litigation over this operation would be handled and supervised by the NBU," Shlapak added.