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Surkis family sells DisCos in deal to revise Privatbank bail-in, media say

The Surkis family is in active talks to sell its stakes in three Ukrainian power distribution companies (Lvivoblenergo, Prykarpatoblenergo and Ternopiloblenergo) to the closest entourage of Ukrainian President Petro Poroshenko, the epravda.com.ua news site reported on June 14, citing anonymous sources in the Presidential Administration. As a part of the deal, the Surkis family aims to recover its assets lost as a result of the nationalization of Privatbank (PRBANK), the sources said.


Recall on May 17, the Kyiv Administrative Court ruled to recover from Privatbank about UAH 1.4 bln in deposits of the Surkis family and their bank that were bailed-in during the Privatbank’s nationalization in December 2016. The deposits were bailed-in after the central bank recognized them as related parties to the bank. The National Bank of Ukraine promised to appeal such a court ruling.


Alexander Paraschiy: It would be very negative for the image of the current government, as well as rule of law in Ukraine, if it's proven true that somebody from Poroshenko's entourage is going to use his authority to recover the lost money of the Surkis family (at the cost of state bank) in exchange for valuable assets in the power distribution sector. If there's any silver lining to this brewing corruption scandal, then such an operation will make the recovery of bailed-in money much easier for all the bank’s creditors, including its Eurobond holders who have taken legal action.

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