Announcement. The Supreme Court starts turbo regime in case of Surkis’ family and Privatbank. It may cost Ukraine UAH 29 bln

On Monday, April 27, the Grand Chamber of the Supreme Court will hear a cassation appeal of the National Bank, the Cabinet of Ministers and PrivatBank against lower court decisions on a Surkis’ family’s lawsuit. The latter is trying to get a final decision stating that they are unrelated to oligarch Igor Kolomoisky.

When: April 27, at 10:30.

Where: 8 Orlyka Street, 8.

Judge-Rapporteur: O. Prokopenko

Earlier, the court of the first instance and the appellate court ruled in favour of Surkisє. They upheld the family’s claim to overturn NBU’s decisions on recognition of their entities as related to Privatbank and invalidate bail-in contracts for more than UAH 1 billion according to which state purchased shares for UAH 1.

In the event of a loss of the state and Privatbank, the decision in favour of the Surkis’ family unlocks a number of other litigations pending before the resolution of this case. In addition, this decision will be used by other actors who are already suing Privatbank, and then the total amount of compensation may exceed UAH 29 billion.

That’s why the Supreme Court ruling on Monday could set a dangerous precedent and give trumps in court to all other Kolomois-related individuals. It can also unlock and activate the settlement of Kolomoisky’s disputes with the state over nationalization. The aim may be to try to get the relevant nationalization court decisions before the so-called “anti-Kolomoisky law” is adopted by the parliament.

Please note that the Surkis brothers are associated with Igor Kolomoisky at least through the ownership structure of “Studio 1 + 1” TV and Radio Company. Igor Surkis is the beneficial owner of Bolvik Ventures ltd, registered in the British Virgin Islands, which owns 33.33% of Cyprus’s Caddoa Limited. The latter owns 22.5% of the “Studio 1 + 1”. Grygoriy Surkis is listed as the brother of the owner of the channel’s significant share.

It is important that further consideration of the most important court case in the case of Igor Kolomoisky’s claim concerning the legitimacy of nationalization of Privatbank depends on this decision. On December 19, 2019, the judges of the Sixth Administrative Court of Appeal adjourned the nationalization case pending the resolution of Surkis’ case.

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