Ukraine’s Zelenskyy Endorses Bill Forbidding Return of Nationalized PrivatBank

Ukrainian President Volodymyr Zelenskyy has advocated the adoption of the bill which forbids the return of nationalized banks to their former owners. If it becomes a law, Ukraine’s biggest bank – PrivatBank – is unlikely to be returned to its former owner, oligarch Ihor Kolomoisky.

"We have done everything to get this law passed. The bill has now been submitted to the committee, it will be considered, I think, this week. I am certain we will approve it, but you understand that we have many parties in the parliament. So let's wait for the results. It seems to me that this is the right law," said Zelenskyy, Interfax-Ukraine reports.

If the bill is approved, the case of PrivatBank nationalization will be automatically passed to the Supreme Court.

The adoption of the law was a condition by the International Monetary Fund (IMF) to start a new cooperation program. The draft law which does not allow the return of PrivatBank was registered in the parliament on December 11, 2019.

Hearings in the PrivatBank nationalization case have been postponed indefinitely because of another case where the Supreme Court has to decide whether Ukrainian businessmen Hryhoriy and Ihor Surkis are persons related to PrivatBank. On January 31, the Supreme Court adjourned the hearings indefinitely. The Surkis family is seeking the operation to exchange their deposits for PrivatBank shares, which took place within nationalization, to be declared invalid.