The Economic Court of Kyiv has invalidated the bail-in of PrivatBank shares at the suit of a company from Igor Kolomoysky's Privat Group.

On November 1, 2021 the judge of Kyiv Commercial Court, V. V. Dzharty, upheld the claim of Revatis LLC. It sued PrivatBank, the Ministry of Finance, as well as the Deposit Guarantee Fund, the NBU and the Government.

Revatis asked to invalidate the contracts of purchase and purchase and sale of shares of PrivatBank (bail-in procedure) during the nationalization of PrivatBank in 2016.

The company is part of Igor Kolomoysky and Gennady Bogolyubov's Privat Group. At the same time, the "anti-colomoy" law № 590-IX provides for the right of former shareholders of banks to compensation for damages, but makes it impossible to invalidate contracts entered into in the process of withdrawal of the bank from the market.

Also, according to PrivatBank, the court ignored the provisions of the Law of Ukraine "On the system of guaranteeing deposits of individuals. This law expressly forbids the banks shares that were sold to the investors (in this case - to the state) to be reclaimed.

The Bank expressed its concern over the courts' disregard of these laws.