Kyiv Dy­namo beats Pri­vat­bank in win for for­mer own­ers

Kyiv Post Legal Quarterly - - Contents - BY JOSH KOVEN­SKY KOVEN­SKY@KYIVPOST.COM

Kyiv Dy­namo: 1. Pri­vat­bank: 0. That’s the score as of last month, af­ter Ukraine’s Supreme Court ruled against the Na­tional Bank of Ukraine in a law­suit with Kyiv’s Dy­namo soc­cer team. Dy­namo sued the NBU over a bail-in of funds at Pri­vat­bank af­ter the gov­ern­ment took over the trou­bled lender. The team’s own­ers — Grig­ory and Ihor Surkis — were deemed re­lated par­ties of the bank, caus­ing them to lose nearly $40 mil­lion when bank as­sets were writ­ten off. And the Surkis broth­ers are far from the only re­lated par­ties af­flicted by the na­tion­al­iza­tion that have the de­sire and the means to fight back against the gov­ern­ment.

Geneva-based Ukrainian oli­garch Ihor Kolo­moisky talks on the phone next to Kyiv Dy­namo soc­cer club Pres­i­dent Ihor Surkis in May 2008. Surkis re­cently won a Supreme Court case against the state-owned Pri­vat­bank, a win for both him and Kolo­moisky. (UNIAN)

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