Economic Court of Kyiv leaves without consideration claims of J.P. Morgan, Pala Assets to invalidate share purchase agreement between PrivatBank and UK SPV

KYIV. Feb 24 (Interfax-Ukraine) – The Economic Court of the city of Kyiv dismissed the claims of J.P. Morgan I Pala Assets to invalidate the share purchase agreement signed by PrivatBank and UK SPV, the bank’s press service has reported.

“The economic court of Kyiv, in legal language, dismissed without consideration, and in the usual language – refused to consider the claims of J.P. Morgan and Pala Assets (the beneficiaries of the latter is a citizen of the aggressor country) against PrivatBank,” the bank said.

At the same time, the companies joined the lawsuit initiated by Shakoor Capital, but the court, at the request of PrivatBank, stopped considering their claims to invalidate the agreement on the acquisition of shares concluded during the nationalization between PrivatBank and UK SPV in December 2016.

In addition, Dmytro Sazonov, an individual entrepreneur, was denied consideration of his application to demand from the Bank of England documents related to the nationalization of PrivatBank.

According to the financial institution, at the next court session, which will be held on March 8, the court will proceed to consider the petition of PrivatBank to leave the claim of UBS AG without consideration due to the latter’s failure to fulfill the procedural duty established by the court.