On 23 August 2021 the Court of Chancery (Judge Slights) denied the defendants' motion to dismiss Privatbank's case against its former owners, which alleged that the case must be considered by the courts of Ukraine (forum non conveniens).
According to the decision, the Court of Chancery will continue consideration of the case No. 2019-0377-JRS pursuant to the civil claim of JSC CB Privatbank against Igor Kolomoisky, Gennadiy Bogoliubov and other legal entities and individuals, concerning the compensation of damages caused by the defendants to the Bank prior to its nationalization in December 2016.
The court also granted Privatbank's motion and entered a status quo order, prohibiting any actions outside the ordinary course of business with various assets of the defendants in the US. This order, in the words of the court, is “warranted to provide Plaintiff proper security for the more than $600 million in damages it seeks in this action.” Simultaneously, the court granted the motion of the defendants to stay the case in part until related litigations in Ukraine are resolved.
Privatbank welcomes the decision of the Court to deny the defendants' motion to dismiss the case on forum non conveniens grounds and expects that the court will set a prompt schedule going forward. The consideration of the case continues, the Court will now proceed with resolving a number of interim procedural issues, moving the case closer to trial.