PrivatBank’s claim will go to trial in England

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The UK Supreme Court rejected the appeal of a former owner of PrivatBank, Igor Kolomoisky, he will face trial at London’s High Court.

“The Bank is confident that it will ultimately succeed in recovering the sum of more than $3 billion claimed in the proceedings,” said PrivatBank’s new management. In legal actions in Cyprus, Israel, UK, and the US, PrivatBank seeks a total of $10 billion from Kolomoisky and his business partners.

According to Concorde Capital’s analyst Alexander Paraschiy, the bank has a solid chance for victory in the UK. “Kolomoisky and his partners…are likely to grow more aggressive in lobbying the return of PrivatBank under their control, seeking favorable decisions from Ukrainian courts. The key impediment to their goal is the IMF-required law on banking resolution (the so-called anti-Kolomoisky law), which is currently being prepared for its second reading in the parliament,” he said.

The rising stakes have already reduced the chance for the bill to be approved this month, which, in turn, decreases the likelihood of IMF support for Ukraine arriving soon.

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