On April 7, 2023, the Supreme Court satisfied the cassation appeal of the National Bank and confirmed the legality of five credit agreements concluded between the National Bank and PrivatBank in 2008-2015 and the suretyship agreements that ensured their execution. In particular, the court of cassation annulled the decision of the Commercial Court of the city of Kyiv dated June 19, 2020 and the decision of the Northern Commercial Court of Appeal dated August 3, 2022, which satisfied the claim of the executor of PrivatBank Ihor Kolomoiskyi and declared these credit agreements and his personal guarantee for the loans to be invalid.
The decision of the Supreme Court is final and cannot be appealed.
“The National Bank welcomes the legal and well-founded decision of the Supreme Court. The court supported the legal position of the National Bank and confirmed that lending to PrivatBank was carried out by the National Bank in compliance with the requirements of the law,” Viktor Hryhorchuk, Head of Claims and Claims Department of the Legal Department of the National Bank, commented on the court’s decision.
We will remind that during the years 2008-2015, the National Bank granted loans to PrivatBank to maintain liquidity in the total amount of UAH 18.3 billion under disputed contracts.
In 2016, Ihor Kolomoiskyi, who at that time was a co-owner of PrivatBank, entered into guarantee contracts with the National Bank, according to which he personally guaranteed the return of the loans received by the bank.
In May 2019, Ihor Kolomoisky filed a lawsuit to the Commercial Court of the city of Kyiv to invalidate these credit agreements, as well as surety agreements. In June 2020, the court of first instance satisfied the lawsuit of the former shareholder. This decision was confirmed by the court of appeal. Disagreeing with the decision, the National Bank appealed to the Supreme Court, which supported the legal position of the National Bank.
In April 2020, the state-owned PrivatBank fully returned the loans received to the National Bank.