Appeal Court Upholds Decision To Order PrivatBank To Pay Surkis Brothers USD 259 Million

The Kyiv Court of Appeal has upheld Judge Viacheslav Pidpalyi of the Pecherskyi District Court of Kyiv’s decision to order the nationalized PrivatBank to pay USD 259 million (about UAH 7 billion) to six companies linked to the Surkis brothers.

This was announced by lawyer Andrii Pozhydaev, the Ukrainian News Agency reports.

The companies are Camerin Investments, Sunnex Investments, Tamplemon Investments, Berlini Commercial, Lumil Investments, and Sofinam Investments.

Cassation is not possible because it was an appeal.

Therefore, PrivatBank will try to find legal methods of not paying these funds to Surkis.

As Ukrainian News Agency earlier reported, the Grand Chamber of the Supreme Court has scheduled consideration of the Surkis family’s lawsuit against the National Bank of Ukraine for 10:30 a.m. on April 27.

Members of the Surkis family are trying to prove in court that they are not related parties of the former owners of PrivatBank.

They also want to cancel the bail-in procedure. As part of this procedure, money in their accounts at PrivatBank was transferred to the state.

The Cabinet of Ministers decided on 18 December 2016 to nationalize PrivatBank based on a proposal by the National Bank of Ukraine.

The state (represented by the Ministry of Finance) acquired 100% of the shares in PrivatBank.