Former shareholder of the state-owned PrivatBank (Kyiv), Ihor Kolomoisky, has failed to terminate the surety agreements for refinancing loans attracted by the bank before its nationalization from the National Bank of Ukraine (NBU) amounting to UAH 18.3 billion.

"The Kyiv Court of Appeals on May 16, 2024, overturned the decision of the trial court and closed the case based on the lawsuit filed by former PrivatBank shareholder Ihor Kolomoisky against the National Bank of Ukraine and PrivatBank to terminate his personal surety agreements for refinancing loans attracted by PrivatBank before the state's acquisition of its capital," the NBU said in a press release on Friday.

The NBU welcomed the court's decision and the support for the NBU's legal position, according to which the change in ownership of PrivatBank's corporate rights as a result of nationalization did not alter the rights and obligations of the parties under the agreements.

The NBU recalled that between 2008 and 2014, it provided PrivatBank with refinancing loans totaling UAH 18.3 billion. Kolomoisky signed surety agreements with the NBU in 2015, thereby assuming personal obligations to repay the state bank's debt. However, as noted by the regulator, he "did not fulfill any of these obligations."

In 2017, the former shareholder filed a lawsuit with the Pechersky District Court of Kyiv to terminate the personal surety agreements, which the court granted on April 20, 2019.

The National Bank subsequently appealed the Pechersky Court's decision in the appellate court, which ultimately upheld the central bank's legal position.

Already nationalized PrivatBank fully repaid the refinancing loans to the NBU in April 2020.