PrivatBank wins the appeal in London court

On 15 October the English Court of Appeal handed down a judgement confirming that PrivatBank's fraud and conspiracy claims against its former shareholders will continue to be considered in England. 

The English Court of Appeal thus granted PrivatBank's appeal in full on all grounds, completely overruled Judge Fancourt's judgement of December 2018.

The Ministry of Finance welcomes this decision by the English Court of Appeal, which is an important step in achieving justice for the bank’s shareholder - the people of Ukraine. When deciding on nationalization and recapitalization, the state invested UAH 155.3 billion in PrivatBank. This was a necessary step to preserve the stability of the banking system, the economy of Ukraine and the only opportunity to protect the depositors of the bank.

The Court of Appeal judges concluded that the bank has a good arguable case to obtain compensation of about U.S.$ 3 billion. The Worldwide Freezing Order remains in effect pending a decision on the merits.

The judgement of the English Court of Appeal opens a new stage in the process - hearing the claim on merits and is an important step in the bank's global strategy on the recovery of funds misappropriated by the former owners.

The funds misappropriated from the bank belong to Ukrainian citizens and the Ministry of Finance will continue to support the Bank's efforts to recover them.