Ukraine's PrivatBank wins appeal in lawsuit against former shareholders in London court

Ukraine's PrivatBank won an appeal in a lawsuit that allows the country's largest lender to pursue claims against its former owners in a London court, PrivatBank said on Tuesday. A worldwide asset freeze on the former owners' assets would remain in place while the case is heard, PrivatBank said.

PrivatBank's case against former owners Ihor Kolomoisky and Gennadiy Bogolyubov alleges fraud that it says cost the bank hundreds of millions of dollars. The former owners strongly deny any wrongdoing. The case is part of a protracted legal battle between the Ukrainian government and the former owners after PrivatBank was forcibly nationalized in December 2016 as part of a clean-up of the country's banking system.

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