Supreme Court does not suspend sale of PIB

The Supreme Court has accepted the cassation appeal of the Russian state-owned corporation VEB, whose subsidiary is Prominvestbank (PIB, Kyiv), against the rulings of the Kyiv Court of Appeals of August 27 without suspending the sale of PIB, as stated in the Supreme Court's ruling of September 9, 2019 posted in the unified court rulings register on September 12.

"To refuse the request of State Development Corporation VEB.RF to stop the decision of the Kyiv Court of Appeals dated August 27, 2019," the document says.

As reported, the Kyiv Court of Appeals in August granted the petition of the state executor and a group of companies related to businessman Ihor Kolomoisky and his partners, and closed the proceedings on VEB's complaint about the actions of the state executor within the summary enforcement proceedings on signing an agreement on the sale of 99.77% of PIB's shares on the PFTS stock exchange.

The State Executive Service arrested Prominvestbank's shares, after which an auction for their sale was scheduled for August 28, 2019. The starting price of the package is UAH 532.099 million. However, PFTS did not receive applications for its purchase within the prescribed period. The starting price of PIB's stake at an auction on September 20 will be reduced by 25.1%, to UAH 399.1 million.