Supreme Court lifts seizure of PIB shares, unblocks its funds

The Supreme Court on January 27 satisfied the cassation appeal of PJSC Prominvestbank (PIB), canceled the decisions of the courts of lower instances, and decided to lift a seizure order on the shares of the financial institution and unblock its funds on the accounts of the National Bank of Ukraine and other banks, the Finclub newspaper said on Thursday.

According to the Unified State Register of Court Decisions, the corresponding decision is not subject to appeal.

The Supreme Court also ruled to recover UAH 4,200 from the defendant Crimea Development LLC of court fees for filing appeals and cassation complaints.

As reported, the Economic Court of Kyiv on March 10, 2020 satisfied the appeal of Crimea Development LLC (it was repeatedly mentioned in the media as a legal entity associated with businessman Ihor Kolomoisky) to secure a claim against PIB and ordered to seize the bank's shares and funds on accounts of the NBU and other banks of Ukraine, as well as prohibit the liquidation or reorganization of the bank.

PJSC Prominvestbank was founded in 1992. VEB became the owner of Prominvestbank in 2008. It owns 99.7726% of its shares. VEB estimates its investments in the development of the subsidiary bank at $2.7 billion.

According to the National Bank of Ukraine, as of October 1, 2020, in terms of total assets (UAH 28.855 billion), Prominvestbank ranked 15th among 74 operating banks.

Source: www.en.interfax.com.ua