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Weekly Lists
April 26, 2019 www.intellinews.com I Page 28
bne:Banker Kyiv court rules
nationalisation of PrivatBank was illegal
“I won!” was the gleeful reaction by Ukrainian oligarch Ihor Kolo- moisky to the news that a Kyiv court ruled that the 2016 nationali- sation of his PrivatBank was illegal.
The decision by the court caused an immediate backlash by Ukraine’s donors who see the nationalisation of the bankrupt bank as a major victory in the drive to reform the country and end the endemic corruption.
PrivatBank was nationalised after a bne IntelliNews cover story “Privat investigations” revealing the high level of related party loans caused such a scandal the National Bank of Ukraine (NBU) took the bank over a month later in December 2016.
An NBU audit found almost 100% of the bank’s loans were made to shell companies connected to, or controlled by, the shareholders, leaving a $5.6bn hole in the balance sheet. The NBU then bailed the bank out to the tune of $5bn – the biggest bank rescue in Ukraine’s history.
Goldman Sachs is in talks with Turkish banks and companies to buy large distressed loans following a wave of corporate restructurings in the country last year, Reuters on April 24 reported two sources close to the matter as saying.
The sources did not specify the size of the restructured loans but said Goldman was looking at those valued in the range of $2bn to $6bn.
Turkish banks, suffering the double whammy of a recession and
a weak lira, could be interested in selling loans to strengthen their stressed balance sheets and to gain access to liquidity, the sources said.
Serbia has received two offers for its 28.51% stake in Jubmes Banka with just one of them meeting the minimal price of €5mn, eKapia reported on April 24, quoting Finance Minister Sinisa Mali.
The government has pledged to the International Monetary Fund
to speed up privatisation of state-owned stakes in companies. In October 2018, the government called a tender for an adviser for the sale of its stake in the second-largest bank, Komercijalna Banka. Two months later, the tender for Jubmes Banka was announced. According to Mali, one of the bids for Jubmes Banka included a price slightly above €5mn.
Goldman Sachs reportedly in talks with Turkish banks and companies to buy big distressed loans
Serbia gets two bids for state-owned stake in Jubmes Banka