PrivatBank secures major victory in $3 billion battle against former oligarch owners
The U.K.'s Supreme Court rejected PrivatBank’s former owners’ final appeal in a $3 billion fraud case, in a major victory for the state-owned Ukrainian bank that clears the way to pursue recovery of the funds worldwide.
PrivatBank achieved a significant victory in a $3 billion fraud case against former oligarch owners, as the U.K.'s Supreme Court rejected their final appeal. The Ukrainian state-owned bank, which was nationalized in 2016 due to a $5.5 billion discrepancy in its ledgers, had initiated proceedings against business figures Ihor Kolomoisky and Hennadiy Boholyubov to recover the funds.
The lengthy legal process marked a crucial test for Ukraine's post-EuroMaidan Revolution reforms and efforts to dismantle the oligarch system. In July 2025, a London court found the two liable for fraud and ordered them to pay over $3 billion in damages and costs. Despite failing to meet the court's deadline, the defendants challenged the ruling, which was upheld in May this year.
PrivatBank announced that the U.K. Supreme Court had refused the former owners' permission to appeal the judgment, marking the end of the appeals process. The bank is now poised to pursue enforcement and recovery of the court's judgment globally. $2.5 billion in assets belonging to Kolomoisky and Boholyubov have been frozen worldwide, and these assets will be the main focus of PrivatBank's recovery strategy, although the specifics remain undisclosed.
Written by urgent.news from Kyiv Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
