PrivatBank sues Kolomoisky and Bogolyubov for $3 billion, they have two weeks to pay

The High Court of England has ordered the former owners of PrivatBank, Ihor Kolomoisky and Hennadiy Boholyubov, to pay the bank more than $3 billion in damages and legal costs for large-scale fraud. The decision was reported by PrivatBank’s press service.

The court set the principal amount of damages at $1.76 billion, with an additional $1.19 billion in interest, and ordered the defendants to make an advance payment of nearly $100 million to cover PrivatBank’s legal expenses.

Kolomoisky and Boholyubov had applied for permission to appeal the judgment and to stay its enforcement, but both applications were rejected by the court.

As a result, the full amount must be paid by November 24, 2025. In the event of non-payment, interest will continue to accrue.

If the payments are not made voluntarily, PrivatBank will begin enforcement proceedings to recover the funds from the former owners’ assets. These assets have been subject to a worldwide freezing order since December 2017.

"The Court ordered Mr. Kolomoisky and Mr. Boholyubov to pay PrivatBank’s costs on a ‘full indemnity’ basis, which allows for a higher award where the losing party’s conduct justifies it," PrivatBank said. "In this context, Judge Trauer noted that ‘the defendants’ positions were inherently implausible and based on deliberate lies,’ and that Mr. Boholyubov’s attempts to distance himself from the fraudulent actions ‘were deeply misleading and dishonest.’ The Court found that both Mr. Kolomoisky and Mr. Boholyubov presented a position ‘intended to mislead the Court.’"

• Following PrivatBank’s nationalization in 2016, the state spent UAH 155 billion on its financial rehabilitation.
• On November 26, 2024, the Commercial Court of Cassation of the Supreme Court finally confirmed that the shares of state-owned PrivatBank cannot be returned to its former owners, closing the case brought by Ihor Kolomoisky and Triantal Investments Ltd.