Delaware Court of Chancellery Dismisses Appeal of Former PrivatBank Owners After Bank’s U.S. Appeal Case Completed
The Delaware Court of Chancellery has dismissed an appeal from former owners of PrivatBank demanding an end to consideration of the case in a bank appeal in the United States.
This follows from a statement by the bank, reports the Ukrainian news agency.
On August 23, 2021, the court (Judge Slights) dismissed the appeal.
According to the ruling, the Delaware Chancellery Court will continue to consider case 2019-0377-JRS as part of JSC PrivatBank’s civil action against Ihor Kolomoiskyi, Hennadii Boholiubov and other legal and natural persons for , among others, to recover the losses caused by the defendant bank before its nationalization in December 2016.
The court also granted PrivatBank’s petition and issued an Asset Preservation Order (standstill order), which imposed a ban on all action outside the ordinary business with various assets of the defendants in the United States.
According to the court, this order is “a guarantee that the plaintiff will receive an adequate guarantee for the claims of an amount in excess of 600 million dollars, of which he requests reimbursement within the framework of this procedure”.
At the same time, the court upheld the defendants’ request and stayed the proceedings on a separate part until the related legal proceedings in Ukraine were resolved on the merits.
As the Ukrainian news agency reported earlier, last year the US Department of Justice accused former owners of PrivatBank, Ihor Kolomoiskyi and Hennadii Boholiubov, of laundering the bank’s funds.
In December 2016, the Council of Ministers, on a proposal from the shareholders of the National Bank and the PrivatBank, decided to nationalize the financial institution.
The State, represented by the Ministry of Finance, received 100% of the capital of PrivatBank.
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