Kyiv's business court on July 14, 2020 closed proceedings in a case opened under a lawsuit of ex-minority shareholder in PrivatBank (Kyiv) Oleh Gorokhovsky (earlier he held 0.3236% shares in the bank) seeking to invalidate the bail-in procedure, the press service of the bank told Interfax-Ukraine on Tuesday.

According to the ruling posted in the unified register of court rulings, the case was closed based on a petition of PrivatBank filed on June 2, 2020 seeking to terminate the proceedings in line with Paragraph 7 of law No. 590-IX.

According to the materials, the petition is not obligatory condition for settling the issue of closing the proceedings, as the court is obliged to do it with evidence available.

The only way to protect ex-shareholders, whose rights and interests were violated as a result of the withdrawal of an insolvent bank from the market or the liquidation of a financial institution, is to compensate for damage in cash.

As reported, at the end of December 2019 similar claims were also filed by ex-minority shareholders and former top managers of PrivatBank: Tymur Novikov (as of March 31, 2016 owned 1.3625% of shares), Volodymyr Yatsenko (0.3229%), Tetiana Huryeva (0.2422%), Liudmyla Shmalchenko (0.1614%) and others.

The defendants in the case are the Deposit Guarantee Fund, the Ministry of Finance of Ukraine and the state-owned PrivatBank.