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PrivatBank submits cassation against the decision of the Northern Economic Court of Appeal, which declared invalid conditions of loan agreements with Kolomoisky’s companies


PrivatBank filed a cassation against the decision of the Northern Commercial Court of Appeal in case # 910/12787/17 on the claim of Tech-Trade-Invest LLC to PrivatBank, which declared invalid certain loan agreements with a number of companies related to the former owners of the Bank Kolomoisky and Bogolyubov.

According to the statement from the Bank's press service, before the nationalization of PrivatBank in December 2016, the bank issued loans to companies related to the former owners at an interest rate that was twice below the market rate, ranging from 10 to 12% per annum in UAH.

The issuance of such "index loans" set the ground for future legal risks with respect to collecting interest, commissions and penalties from borrowers. And now the unscrupulous borrowers related to the former owners of the bank are using the abovementioned shortcomings to file claims against the bank regarding the invalidation of certain terms of the loan agreements.

PrivatBank considers today's court decision to be groundless and unfounded and will certainly appeal it in the Supreme Court.

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