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Ukraine's Privatbank sues former owners in US

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Ukraine's Privatbank sues former owners in US

JSC CB PRIVATBANK filed a lawsuit against its former owners Ihor Kolomoisky and Gennadiy Bogolyubov in the Delaware Court of Chancery in the U.S.

The Ukrainian lender, which was nationalized in December 2016, said in its May 23 statement that it was seeking redress with regard to losses amounting to hundreds of millions of U.S. dollars, which it allegedly suffered as a result of actions taken by its former shareholders, their close associates and various U.S. companies in which they have been involved.

The lender claims the former owners acquired assets in the U.S. through the misappropriation and laundering of proceeds from corporate loans issued by Privatbank when it was still controlled by Kolomoisky and Bogolyubov.

The lawsuit is part of an ongoing legal battle between Privatbank's ex-shareholders and Ukrainian authorities. In April, Kiev District Administrative Court declared the nationalization of Privatbank as unlawful, with Ukrainian authorities appealing the ruling. Privatbank also launched proceedings against Kolomoisky and Bogolyubov in a London court, which in December ruled, however, that it had no jurisdiction over the case, with the decision also appealed by the bank.