Ukraine central bank loses appeal on lawsuit of former PrivatBank co-owner

The Sixth Administrative Court of Appeals on May 13 rejected the appeal of the National Bank of Ukraine (NBU) against the decision of Kyiv’s District Administrative Court dated March 2, 2018, which satisfied the claim of the former shareholder of PrivatBank, the Cypriot company Triantal Investments Ltd, the NBU said on its website.

“The NBU does not agree with the court’s ruling and intends to file an appeal in cassation. The procedure and grounds for the conduct of scheduled and unscheduled inspections of banks are stipulated in the relevant regulation of the NBU. If a bank’s financial standing is found to have materially deteriorated, it gives the NBU grounds to conduct the necessary inspection,” Viktor Hryhorchuk, the head of litigation at the NBU legal department, said.

“The regulator prioritizes the inspection of banks – systemically important banks in particular – as one of the steps in ensuring Ukraine’s financial stability, which the law compels the NBU to promote. That is precisely why it is necessary to take a prudent approach to resolving disputes that question the legitimacy of the NBU’s supervisory actions,” he stated.

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