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Parliament gives first reading to "anti-Kolomoyskyy" bill

Parliament gives first reading to "anti-Kolomoyskyy" bill
Photo: Max Levin

At its extraordinary meeting on 30 March, the Ukrainian parliament gave the first reading to the bill on certain aspects of the functioning of the banking system. This is a key bill for a new IMF programme along with the bill on farmland market.

In particular, the bill says that if a court finds the decision to take a bank off the market illegal, it cannot use it as a reason to cancel it.

The adoption of the bill was a condition of the IMF. The Fund suggested that Ukraine should guarantee a fair trial of such cases and prevent the risk of former owners seeking an excessive compensation from the state through court.

The bill is called "anti-Kolomoyskyy" as it seeks to prevent tycoon Ihor Kolomoyskyy from trying to reclaim its former Privatbank, which had to be nationalised in 2016, or claim a compensation for it.

The state nationalised Privatbank on 21 December 2016 over debts.

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