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Ukraine's PrivatBank to appeal court ruling on declaring bail-in illegitimate

Ukraine's PrivatBank to appeal court ruling on declaring bail-in illegitimatePrivatBank will appeal the decision by the County Administrative Court of Kyiv for declaring the bail-in illegitimateю

This is reported by 112 UA TV Channel.

"We appeal the decision at first instance and we are going to prove our point," Oleksandr Shlapak, the Chairman of the Management Board, said.

According to Mr. Shlapak, the sum in the law suits makes more than $37 mln commitment to the Surkis family and more than $13 mln commitment to the Accent Bank (A-Bank). At the same time, Oleksandr Shlapak leaves open the possibility of new lawsuits of the kind.

"There are 12 suits against the bank currently. There are some more possible in the future, people do not agree with the bail-in decisions and they have this right. In its turn the court has to decide whether the people (whose funds came under the bail-in) are connected to the bank," he said.

At the same time, the Chairman of the Management Board reminded that the bail-in operation was performed by the Deposit Insurance Fund under the direction of the National Bank of Ukraine (NBU).

"Previously we agreed that the further legal proceedings on this operation shall be controlled and run by the NBU, as the list of the associated persons was formed by the central bank in accordance with their criteria. Accordingly, the aim of the NBU was to prove their point. We are on the side of the National Bank and provide any documentary assistance," said Shlapak.

The Chairman of the Management Board of PrivatBank has also noted that even losе bail-in cases won't affect the bank's financial standing, its status of the national bank and its possibilities.

The County Administrative Court of Kyiv had declared the PrivatBank's nationalization partially illegitimate. The plaintiffs required PrivatBank to return the written-off deposits for more than $37 mln and lost interests. The court complied with their every request.

The National Bank of Ukraine was disturbed by the latest court decisions on alleged illegal state's entry into the PrivatBank's capital and the bail-in procedure.

"The National bank notes that all the decisions on PrivatBank were taken within the frames of a special procedure specified in the Law on Ukraine on the System of Deposit Insurance," the NBU announced.
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