Ukrainian oligarchs Ihor Kolomoyskyi and Hennadiy Bogolyubov have lost a major legal battle in a London court against nationalized PrivatBank.
Ihor Kolomoiskyi and Hennadii Boholiubov lost the nearly $5 billion PrivatBank case in a London court.
A British court has officially recognized evidence showing that Ukrainian oligarchs Ihor Kolomoisky and Hennadiy Boholiubov siphoned off nearly $2 billion from PrivatBank, which was nationalized in 2016.
According to media reports, the two must now repay approximately $4.5 billion to the state-owned bank.
This amount far exceeds the sum initially withdrawn, as it includes interest and legal costs accumulated over the course of the proceedings.
The key question now: Where will Kolomoisky and Boholiubov find the money?
Both men have seen their wealth shrink dramatically during the lengthy legal battle and are no longer listed among the world’s richest individuals by Forbes. Each is now estimated to be worth less than $1 billion.
Kolomoisky is currently in pre-trial detention in Ukraine on separate criminal charges.
Boholiubov reportedly fled the country last year using forged documents.
The former head of the National Bank of Ukraine called it one of the most high-profile financial scandals of the 21st century. The amounts withdrawn from the country were approximately equivalent to 5% of Ukraine’s GDP. On December 18, 2016, Ukraine nationalized PrivatBank, shifting the burden of a $5.9 billion bailout onto taxpayers.
The ruling compels them to return a staggering billions, which the bank alleges was embezzled through a network of offshore schemes before its nationalization in 2016.
The decision marks a historic milestone: the UK court confirmed that PrivatBank has the right to seek compensation for billions of dollars that were allegedly funneled through a complex web of offshore companies controlled by Kolomoisky and Bogolyubov.
Key points:
- The court upheld PrivatBank’s claims against its former owners.
- The lawsuit is valued at no less than $5.5 billion, plus interest.
- Kolomoisky and Boholiubov must repay the funds unless a successful appeal overturns the ruling.
This is a major legal victory for Ukraine and a landmark moment in the pursuit of justice long demanded by Ukrainian citizens following the bank’s nationalization.
In early 2025, the London court handling the PrivatBank case involving former owners Ihor Kolomoisky and Gennadiy Bogolyubov saw some significant developments. Firstly, the court confirmed the legality of PrivatBank’s nationalization.
Last but not the least, the London court also ordered a party to take steps to restore dissolved companies to the BVI register, in order to recover assets potentially linked to a freezing injunction.
As announced by former MP Boryslav Bereza this landmark verdict could represent a pivotal moment – not only for oligarchs Kolomoisky and Boholyubov but also for President Zelenskyy. Bereza warns that if offshore accounts linked to the Panama Papers – associated with Kvartal 95 and Zelenskyy’s inner circle – emerge in this case, the political implications could be profound.
The former MP, Boryslav Bereza, believes that Ihor Kolomoiskyi may retaliate by leaking compromising material targeting President Zelenskyy, potentially triggering a major political crisis.
As previously reported, NABU has completed its investigation into the PrivatBank case last week against former owner Ihor Kolomoiskyi. Sources do not rule out that the investigation may be drawing closer to President Zelenskyy’s inner circle.
According to open media sources, in particular – slidstvo.info, President Volodymyr Zelenskyy and his close associates may have been involved in transfers from structures linked to Kolomoyskyi.
The Pandora Papers – a leak from 14 firms that registered and serviced offshore companies – have partially confirmed a scheme involving the transfer of funds from entities linked to oligarch Ihor Kolomoyskyi to offshore firms connected to Volodymyr Zelenskyy and his associates.
Journalists were able to identify the ultimate beneficial owners of several offshore entities that may have received the funds. These transfers could be part of the broader story of the embezzlement and laundering of money from PrivatBank.
Tags: bogolyubov kolomoyskyi privatbank
