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12h ago

London Court Holds Oligarchs Liable for $1.9 Billion PrivatBank Fraud and Investigates Leak

Judge William Trower set the bank’s claim at $1,911,877,385 less asset values, requiring the parties to agree on the final amount or return to court

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Igor Kolomoisky is one of Ukraine's richest people and a former supporter of President Volodymyr Zelensky
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Overview

  • The court found Kolomoisky and Bogolyubov siphoned $1.9 billion out of PrivatBank via sham loans to shell companies in Great Britain, Cyprus and Ukraine between 2013 and 2014.
  • PrivatBank filed its claim in December 2017 after its 2016 nationalization to recoup funds it alleged were diverted by the bank’s former owners.
  • Judge Trower launched an inquiry after a draft of his judgment was leaked, ordering solicitors to confirm they did not divulge the decision.
  • The parties must factor in lost interest when negotiating the net compensation package, with the court prepared to fix the final amount if no agreement is reached.
  • Kolomoisky has been detained in Ukraine since September 2023 on fraud and money-laundering charges, while Bogolyubov faces US sanctions and is subject to further international legal scrutiny.