Fears are growing that Ukraine’s Privatbank, which was nationalised in 2016 at the behest of the IMF, may be reprivatised thanks to pressure from its former owner, oligarch Igor Kolomoisky. Such a move could jeopardise Ukraine’s chances of a new helping of IMF cash and the country’s bonds have sold off in response.
Privatbank was nationalised in 2016, following the discovery of a capital shortfall of $5.5bn-$7bn. And transferring the bank to state ownership was a condition of the country’s IMF bailout.
Kolomoisky, one of the bank’s former owners, has been mounting legal challenges to reverse the decision for the past