The Arbitration Institute of the Stockholm Chamber of Commerce has accepted claims of the largest bank in Ukrane PrivatBank (Dnipropetrovsk) on the lost assets of around $1 billion due to the annexation of Crimea, PrivatBank Board Chairman Dmytro Dubilet said in an interview with Novoye Vremia publication.
“We’ve passed all the procedures, and the Arbitration Institute of the Stockholm Chamber of Commerce has accepted the claims. This concerns a sum of around $1 billion. Subject of the claim is property, credits and assets lost [in Crimea]. Of course, Russia is not participating in it,” he said.
As reported, businessman Ihor Kolomoisky has estimated that the cumulative losses for participants in Privat Group from the annexation of Crimea by Russia at nearly $2 billion.
PrivatBank jointly with Finilon finance company in July 2015 initiated arbitration proceedings against the Russian Federation for the protection of the investment lost in Crimea. An arbitration court has been formed and will carry out the proceedings in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (UNCITRAL)
Court hearings on the case will take place in The Hague (the Netherlands) the bank said, without specifying the sum of the claim.
PrivatBank was founded in 1992. Its largest shareholders were Hennadiy Boholiubov and Ihor Kolomoisky with shares of 45.3182% each as of July 7, 2015.
The bank ranked first among the 123 operating banks in the country as of October 1, 2015, in terms of total assets worth UAH 241.809 billion, according to the National Bank of Ukraine.
