The London court has ruled that Ihor Kolomoisky and Gennadiy Bogolyubov must pay over $3 billion in a fraud case against PrivatBank. The court found the two former Ukrainian billionaires liable for significant losses incurred by the state bank.
This is reported by Finway
Case Details and Court Findings
The lawsuit against Kolomoisky and Bogolyubov was filed by PrivatBank back in 2017. The financial institution accused its former owners of illegally siphoning off $2.3 billion through controlled companies and a loan recycling scheme in 2013-2014, of which $1.9 billion was never returned. The scheme involved three English legal entities and one company from the British Virgin Islands.
“Kolomoisky and Bogolyubov are required to pay $1.8 billion. An additional $1.2 billion has been accrued in interest, and $99.6 million is an advance payment to cover the bank’s costs, according to the court’s ruling on Monday.”
Legal Consequences for the Defendants
The Ukrainian businessmen have denied any wrongdoing and claimed that the prosecution is politically motivated. They did not provide testimony in court, although they actively contested the lawsuit. Since September 2023, Ihor Kolomoisky has been in custody on other charges of fraud and money laundering related to his oil and gas assets. He is facing trial on various counts, including suspicion of contract killing. Gennadiy Bogolyubov left Ukraine last year in an attempt to evade criminal prosecution by Ukrainian law enforcement agencies.