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8.1.3 ​Banks specific issues
8.1.4 ​Bank news
The Cabinet of Ministers approved on April 15 credit vacations to small- and microbusinesses that offer one-year loans of zero%​, with the main condition being preserving at least 80% of jobs. The largest loan under this program will be UAH3mn. It can be used to acquire commercial real estate, intellectual property rights, working capital financing, and COVID-19 prevention. It can also be used to refinance existing debt, as long as at least 60% of the wage fund is preserved, 80% of workers remain employed, annual revenue doesn’t exceed €10mn, and no non-performing loans exist.
Privatbank​ has recently issued a new claim in the Cypriot courts seeking damages of $5.5bn in respect of schemes bearing all the hallmarks of fraud and money laundering​, which the Bank alleges were perpetrated by its former owners, Igor Kolomoisky and Gennadiy Bogolyubov, one of its former senior executives, Timur Novikov, and two Cypriot companies, PrimeCap (Cyprus) Limited and Duxton Holdings Limited, the bank said in a press release on April 3. The new claim was served in Cyprus on 3 April 2020, after the Cypriot court granted a document preservation order against PrimeCap. Service on the overseas defendants will follow in due course. The Bank's claim relates to two sets of transactions that the Bank alleges were unlawfully implemented between 2013 and 2016 at the direction of its former owners with the assistance of the other defendants, which involved vast sums being paid to companies owned and/or controlled by Kolomoisky and Bogolyubov pursuant to what the Bank alleges were sham loan agreements, none of, which have been repaid.
The Supreme Court of Ukraine ruled on April 27 to postpone a cassation hearing on the bail-in case of Surkis family deposits in Privatbank​,
43​ UKRAINE Country Report​ May 2020 ​ ​www.intellinews.com