Ukraine's top court rules against VEB.RF in Prominvestbank dispute – Finbalance

The Ukrainian justice ministry won a dispute with Russia-based State Development Corp. VEB.RF regarding the forced sale of VEB.RF's unit PSC Prominvestbank after the Supreme Court of Ukraine rejected the Russian company's appeal regarding the transaction, economic news portal Finbalance reported Jan. 26.

A 99.77% stake in Prominvestbank was sold in March 2020 via an auction, despite the fact that the Arbitration Institute of the Stockholm Chamber of Commerce prohibited the sale of the shares in 2019. Following the sale, VEB.RF, which is owned by the Russian state, contested the transaction in courts.

The court sided with earlier rulings on the matter. It noted that implementing the Arbitration Institute's decision would halt the execution of a 2018 ruling of The Hague Arbitration Court that stated that the Russian state should compensate Ukrainian businessman Ihor Kolomoisky's companies for assets seized during Russia's annexation of Crimea in 2014.