At the moment there is no confirmation that the Bank has issued a large number of loans to related parties.
Declared by the National Bank a significant amount of loans issued by PrivatBank to related parties, to date, found no evidence that gives former owners of the Bank the grounds for challenge decisions of the state about its nationalization in court.
This writes in his article for DT.UA Julia Samaeva, citing the words of the managing partner of the bar Association Suprema Lex Victor Frost, who is an adviser to the bondholders “Private”.
“In fact, the NBU announced a significant number of loans issued to related parties, in fact, laid the basis for the nationalization of the Bank, to date, have not confirmed,” said frost.
“The former owners of the Bank, there are grounds for challenging government’s decision on nationalization of PrivatBank, however, as far as I know, while it is not in their plans,” – said the lawyer.
Samaeva indicates that in the future put into question the list of related parties and methods of their definition can be the basis for attempts through the courts to repay the Bank the previous owners.
“Of course, it is the prospect of months and years. After all, it is advisable to return the Bank has a great secured at the expense of the taxpayers financial condition,” she concludes.
Recall, the Cabinet of Ministers on 18 December last year adopted the decision on nationalization of “PrivatBank” and the purchase by the Ministry of Finance of 100% of its shares for UAH 1.
26 December, the national Bank of Ukraine has confirmed the conversion of bonds and Eurobonds subordinated debt PrivatBank totaling 595 million dollars in the Bank’s capital during nationalization.
According to a national Bank, no payments to bondholders are not performed.
On 18 may, the Eurobond Holders of “PrivatBank” appealed to the London court of international arbitration (London Court of International Arbitration) compulsory exchange of their securities for shares of the additional issue of the Bank.
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