On Oct. 15, the Commercial Court of Dnipropetrovsk region satisfied the claim of the state-owned PrivatBank (Kyiv) to recover Hr 4.024 billion from Novopharm LLC and Pointex Sale LLP in its favor, according to the court ruling posted in the unified public register of court decisions.
According to the court’s records, a few days before the nationalization (Dec. 16, 2016) PrivatBank opened a credit line for Novopharm with a limit of Hr 3.2 billion, as collateral for which Pointex Sale LLP, in particular, provided PrivatBank $80 million eurobonds through UK SPV Credit Finance Plc.
Subsequently, the issued bonds fell under the bail-in procedure and were written off during the bank’s nationalization.
As follows from the case file, as indicated by the publication Finbalance, the plaintiff repeatedly appealed to the defendant and his authorized representatives on the territory of Ukraine with a demand to eliminate the violation of the loan agreement and return the entire loan amount, but these claims were left by the defendant without consideration and satisfaction.
On Dec. 7, 2015, the National Bank of Ukraine (NBU) Commission on verification of related party transactions recognized Novopharm as related to PrivatBank. This company is also indicated as a party related to the bank in the message of the NBU Commission dated Dec. 15, 2016.
According to the court’s reports, the corresponding credit line was opened by officials of PrivatBank, despite the prohibitions. By this the latter inflicted material damage on the bank on an especially large scale.
As reported, the Government of Ukraine on Dec. 18, 2016, referring to the proposal of the National Bank and former shareholders of PrivatBank, decided to nationalize this largest financial institution on the Ukrainian market and injected over Hr 155 billion into its capital.
