Ukraine’s central bank will appeal a surprise court decision ruling that the 2016 nationalization of Ukraine’s largest bank, PrivateBank, was illegal.

Ukraine’s central bank will appeal a surprise court decision ruling that the 2016 nationalization of Ukraine’s largest bank, PrivateBank, was illegal. Last September, the same Kyiv District Administrative Court recognized that the National Bank of Ukraine’s decision to declare PrivatBank insolvent was legitimate, reports the Kyiv Post. As part of the nationalization, the government injected $6 billion in PrivatBank, averting a banking crisis. In 2018, Kroll Inc., the New York-based corporate investigations firm, completed a forensic audit that concluded that a “large-scale and coordinated fraud” scheme had stolen $5.5 billion.