The Sixth administrative court of appeal cancelled the decision of the first instance of April 18, 2019 in the case of "PrivatBank", which, in turn, cancelled the recognition of persons associated with the bank. In addition, the court closed the proceedings. This is reported by the National Bank.
It is reported that the court reversed the decision of the district administrative court of Kiev, which satisfied the claim of the Cypriot company Triantal Investments Ltd. and cancelled the decision of the NBU on the determination of related persons with "PrivatBank".
We would like to note that Triantal Investments Ltd, controlled by former PrivatBank shareholder Ihor Kolomoyskyy, owned 16.7362% of the bank's shares before its nationalization.
National Bank clarifies that the OACC's decision was set aside due to the position of the Grand Chamber of the Supreme Court that the NBU's decision on the determination of related parties can not be appealed in a court of law.
Note that the recognition of Triantal Investments Ltd. Related Party was one of the main reasons for nationalization of the bank. In the course of this process a "bail-in" procedure was carried out, which consists in exchanging the funds of the related persons for the bank's shares and then selling them to the Ministry of Finance.