Share

Ukraine: Court rejects appeal of nationalized bank verdict

Share

MOSCOW (AP) — A Ukrainian court has rejected an appeal of a lower court ruling that said the nationalization of the country’s largest commercial bank had been illegal.

Ukraine’s central bank requested the appeal refused Monday. The National Bank of Ukraine said it would ask a higher appeals court to review the April verdict on the government’s takeover of Privatbank.

Privatbank was nationalized in 2016 after authorities discovered a capital shortfall of more than $6 billion. The bank was owned by tycoon Ihor Kolomoyskyi, an archrival of President Petro Poroshenko.

Kolomoyskyi is believed to have ties to President-elect Volodymyr Zelenskiy, the comedian who beat Poroshenko in an April 21 runoff.

After last month’s court ruling, Poroshenko said returning the bank to Kolomoyskyi could plunge Ukraine into defaulting on debts and an economic crisis.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →



loading

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
Share
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




loading

Conversation