PrivatBank initiates new $600 mln case against ex-shareholders in Israel

11:41, 19.12.2019 1 min read

PrivatBank on December 18, on its third nationalization anniversary, initiated a new $600 million lawsuit in the Tel Aviv District Court in Israel against former owners of the bank and other defenders.

"On the basis of further investigation the bank has also increased the amount of its claims before the Chancery Court of Delaware [the United States] having submitted an amended complaint to the Court," the bank said in a statement without specifying the new amount claimed.

According to PrivatBank, the bank is continuing preparation for substantive hearing of its claim against the former owners and others for a total amount of over $3 billion (including interest) before the English High Court.

"According to the law, the Independent Supervisory Board and the Management Board of the bank must make every possible effort to obtain compensation for the bank's losses from those who caused these losses… We will continue to act in the best interests of our clients and stakeholders," PrivatBank said in a statement signed by Head of the supervisory board Sharon Easky and Board Chairman Petr Krumphanzl.