The Commercial Court of the city of Kyiv left without consideration — or in simple words refused to consider the claims of J.P. Morgan and Pala Assets (whose beneficiary owner is a citizen of the aggressor country) against PrivatBank.
The companies joined the proceedings initiated by Shakoor Capital, but the court granted the motion of PrivatBank and stopped consideration of their claims to invalidate the agreement on the purchase of shares concluded between PrivatBank and UK SPV during the Bank's nationalization in December 2016.
In addition, the little-known individual entrepreneur Dmytro Sazonov was denied consideration of his motion to demand from the Bank of England documents related to the nationalization of PrivatBank.
It should be reminded that the lawsuit in case No. 910/17306/21 was filed by Shakoor Capital Limited, which was later joined by J.P. Morgan Securities plc and UBS AG, as well as Pala Assets Holdings Limited and the Ukrainian individual entrepreneur Dmytro Sazonov.
At the next court hearing, which will be held on March 8, the court will consider PrivatBank's motion to dismiss the lawsuit filed by UBS AG, due to the latter's failure to fulfill the procedural obligation established by the court.
It is worth noting that the proceedings of the case have been ongoing since 2021 (the lawsuit was filed almost 5 years after the nationalization of PrivatBank) and, most likely, will be significantly delayed, because of the appeal of the previous ruling of the Commercial Court of Kyiv, which returned without consideration lawsuits filed by Concorde (Bermuda) Limited and Avalia Investments Limited. All plaintiffs are represented by lawyers of the same law firm, whose actions, in our opinion, do not allow putting an end to the disputes regarding PrivatBank's Eurobonds after over 7 years.
Today's ruling shows the importance of continuing PrivatBank's struggle for justice, the rule of law, and the legitimate interests of the state.
Stay tuned — to be continued!