We have no argument with the necessity of the Ukrainian government’s nationalization of PrivatBank, the nation’s giant financial institution with 20 percent of the nation’s $53 billion in banking assets.

Our argument is that it should have been done much earlier and at far less cost than the $6 billion bailout awaiting Ukrainian taxpayers. The delay appears to have only given the bank’s owners, billionaire oligarchs Ihor Kolomoisky and Gennadiy Boholyubov, more time to empty the bank out — and we hear that is exactly what they did in the final weeks.

At the least, they should be facing a criminal investigation on suspicion of bank fraud. They have, in fact, been facing a lackluster and inconclusive investigation by prosecutors into what happened with $1.8 billion in refinancing money that PrivatBank’s owners got from the central bank in 2014.

Exclusive article

Sign up or subscribe to view more articles.
See All Plans
Monthly plan
Get unlimited article access, anytime, anywhere.

Yearly plan
Access all the exclusive content on KyivPost.com and the complete online archive.

Add comment

Sorry, you must be logged in to post a comment.

It is shameful! Those who engaged in these crimes need to be brought to justice, the nation must cry out! Enough!

Shame to Ukraine and to its over the last two years leaders ( NBU, Government, etc..). As myself, they all knew what Privat and its owners were about....and did not prevent a few additional USD billions to be stolen by Privat's management...We owe Privatbank's nationalization to the IMF...and Ukraine approached Tihipko, a previous Privat boss, and, to say the least, dubious person, to lead that bank!!! When will Ukraine achieve to have the right leadership?


Add a picture
Choose file
Add a quote

Are you sure you want to delete your comment?


Are you sure you want to delete all user's comments?


Are you sure you want to unapprove user's comment?


Are you sure you want to move to spam user's comment?


Are you sure you want to move to trash user's comment?

Spelling error report

The following text will be sent to our editors: