The government begins the forced recovery of debts of the former owners of PrivatBank

The period of voluntary restructuring of loans to the ex-owners of PrivatBank expired on 1 July 2017. Former beneficiaries of the financial institution Igor Kolomoisky and Gennady Bogolyubov has not fulfilled its obligations. About it reports a press-service of the National Bank of Ukraine (NBU).

“So now, the government and the PrivatBank has transferred to the legal foreclosure process and implement an appropriate legal strategy, specific steps which can’t be disclosed,” – said in the message.

The banking procedure is similar to normal foreclosure process in case of overdue debt, so we are talking more about the forced recovery, said the NBU.

Recall, July 1, matured deposits related to this loan in PrivatBank. The Ministry of Finance has previously published the text of the letter of Igor Kolomoisky and Gennady Bogolyubov, which they sent 16 December 2016 the Prime Minister of Ukraine Volodymyr Groisman. The letter contains a request to purchase shares of the Bank and to take a positive decision on the capitalization of “Private”.

As you know,PrivatBank was nationalised in December 2016. The whole procedure took 72 hours. The reason is that “Private” could not execute the recapitalization program. The Finance Ministry and the NBU had already stated that the move to the state was the only viable option to save financial institutions. At the same time, a former beneficiary of “Privat” Igor Kolomoisky insisted that PrivatBank was the victim of the “tyranny of the NBU”. Later Kolomoisky contested the nationalization of a Bank in court.

On 26 June, the Chairman of the state Board of PrivatBank Oleksandr Shlapak has resigned. The Supervisory Board of the Bank may consider the application Shlapak at the end of July.