PrivatBank won a multi-billion dollar lawsuit against Kolomoisky and Bogolyubov in London

PrivatBank has won a case in an English court against its former owners, Igor Kolomoisky and Gennady Bogolyubov. The decision was confirmed by the bank’s press service.

“PrivatBank has won an unconditional victory in the multi-billion-dollar English lawsuit against Kolomoisky and Bogolyubov,” the official statement said, Reuters reports .

The hearings ended in November 2023. The bank demanded compensation for losses caused by the withdrawal of assets in the amount of more than $1.9 billion. Including interest, the final amount more than doubled.

PrivatBank lawyers said Kolomoisky and Bogolyubov organized a “loan recycling” scheme to withdraw funds. The money was routed through six offshore companies — three each in the UK and the British Virgin Islands, which are also defendants in the case.

Now, following the court’s decision, the bank can initiate proceedings to recover damages through British jurisdictions.

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