Overview
- The High Court ruled that Igor Kolomoisky and Gennadiy Bogolyubov are jointly and severally liable for $1,911,877,385 in misappropriated funds, offset by the value of assets they delivered to PrivatBank.
- PrivatBank alleged that between 2013 and 2014 the duo siphoned funds through sham loans and fake trade documents channelled to shell companies in the UK, a scheme the court found unlawful.
- Judge Trower gave the parties until a set deadline to agree on the final compensation figure or face a further hearing to settle the outstanding amount.
- The court has opened a formal inquiry to identify the source of a leaked draft judgment that appeared on social media and with a Cyprus corporate service provider before the verdict was handed down.
- PrivatBank and its legal team are now preparing to enforce the judgment by seeking recovery from the former owners’ remaining assets to recuperate the misappropriated funds.