Ukraine’s PrivatBank wins $1.9 billion fraud case against former owner Ihor Kolomoisky in UK court
Ukraine’s largest lender PrivatBank has secured a major legal victory, winning a $1.9 billion fraud case in a London court against its former owner, oligarch Ihor Kolomoisky, and his business partner, the bank announced on July 30.
Kolomoisky, one of Ukraine’s most influential businessmen, co-founded PrivatBank in 1992 but lost control when the institution was nationalized in 2016 after a $5.5 billion shortfall was discovered in its balance sheet, News.Az reports, citing foreign media.
The ruling marks a significant milestone in the bank’s long-running legal battle, which began in 2017 following the nationalization. Kolomoisky, already facing fraud charges in Ukraine, was detained in 2023 and remains in custody.
PrivatBank said the judgment strengthens its efforts to recover billions allegedly siphoned from the bank prior to its takeover by the state.
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