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The Tel Aviv District Court dismissed the Israel Discount Bank (IDB) petition to dismiss PrivatBank’s claim against the former owners regarding the $ 600 million embezzlement scheme.
The court ruled that the claims against Israel Discount Bank should be subject to a full hearing. This was reported by the PrivatBank press service.
“PrivatBank is pleased that the Israeli court ruled in its favor, rejecting the IDB’s request and recognizing the importance of considering the claim without undue delay and without linking production in England and the United States,” the company said.
Now Israel Discount Bank is required to object to PrivatBank’s claim and to express the circumstances that led to the illegal withdrawal of more than $ 600 million from the financial institution.
What preceded it
On December 18, 2019, PrivatBank filed a lawsuit against its former owners and other defendants in Tel Aviv District Court for money that was illegally withdrawn in 2007-2011 and placed in the IDB bank account.
PrivatBank filed a lawsuit in relation to Israel Discount Bank’s assistance in embezzlement. In response, the IDB filed a motion with the court to dismiss the claim pending decisions on the cases brought by PrivatBank in England and the United States.
As OBOZREVATEL reported:
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On December 21, 2016, PrivatBank became state-owned. The state received 100% of its capital, the financial institution was capitalized in the amount of UAH 116.8 billion.
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At the end of June 2017, the Cabinet of Ministers decided to capitalize the bank for another 38.5 billion UAH on the basis of the proposals of the NBU and the conclusion of an independent auditor – EY.
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The international detective agency Kroll has established that PrivatBank was the target of large-scale fraudulent activities, resulting in at least $ 5.5 billion in losses.
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PrivatBank in December 2017 filed a lawsuit in London High Court against the former shareholders, as well as against Teamtrend Ltd., Trade Point Agro Ltd., Collyer Ltd., Rossyan Investing Corp., Milbert Ventures Inc. and ZAO Ukrtransitservice Ltd. , which probably belong to them.
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At the same time, the High Court in London issued an order to detain the assets of former PrivatBank shareholders around the world.
