A panel of judges of the Commercial Court of Cassation, representing the Supreme Court of Ukraine, under a lawsuit of PrivatBank (Kyiv) on Jan. 14 overturned the decisions of the trial court and the court of appeals invalidating the mortgage agreement and depriving the bank of the ownership to Kyiv-based hotel Mir.
According to the bank’s press service, the Supreme Court remanded the case for retrial by the trial court.
PrivatBank recalled that before its nationalization in August 2016, the bank repaid part of the loan to AEF LLC under a foreign currency loan agreement dated 2013 in the amount of about $18 million due to the transfer of ownership of the Mir hotel, which was PrivatBank’s collateral, in accordance with the mortgage agreement signed with Ardena LLC.
