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Privatbank steps up litigation pressure on former owners

Ukraine-based JSC CB Privatbank launched new proceedings at the District Court of Tel Aviv in Israel to obtain compensation for losses incurred under previous owners, with the value of the claim amounting to $600 million.

The lender, which was nationalized in 2016, also said Dec. 19 that it increased the amount of claims in separate proceedings launched against its previous owners at the Chancery Court of Delaware in the U.S. It is also preparing for a hearing in a $3 billion case against the former shareholders at the English High Court.

In the most recent Israeli lawsuit, Privatbank accused previous owners Ihor Kolomoisky and Gennadiy Bogolyubov of conducting fraudulent, cross-border transactions that allegedly resulted in the transfer of funds from the lender to Israel Discount Bank Ltd., which is also a party in the legal proceedings, Globes wrote Dec. 19.

Meanwhile, a Ukrainian appeal court decided to postpone the consideration of a complaint filed by Ukrainian authorities against the April decision of a lower instance court that declared the nationalization of Privatbank unlawful, Reuters said in a same-day report. The proceedings have been suspended, pending the outcome of court decisions in other Privatbank-related cases, the newswire noted.