The High Court of England has ruled that former owners of PrivatBank, Ihor Kolomoyskyi and Henadiy Boholyubov, must pay over $3 billion in damages and legal costs by November 24, 2025. This was reported by the bank's press service on November 10.
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The principal amount that businessmen have to pay is $1.76 billion. Another $1.19 billion has been accrued as interest, and $99.6 million is an advance payment to cover the bank's expenses.
The court rejected Kolomoisky's and Boholyubov's request for permission to appeal and to suspend the enforcement of the decision. The funds must be paid by November 24, 2025. In case of non-payment, PrivatBank will initiate the forced collection process against assets that have been under arrest since 2017.
Judge Trauer noted that the defendants' positions were "implausible and built on conscious lies," and Boholyubov's attempt to distance himself from the fraud was "deeply misleading and dishonest."
The bank stated that the decision confirms the validity of many years of judicial efforts aimed at holding former owners accountable for large-scale fraud.
According to the bank, 134 fraudulent transactions between 50 borrowers were concluded in 2013–2014. As a result of this scheme, the "hole" in PrivatBank's capital reached $5.5 billion, which was the reason for nationalization.
Among the participants in the scheme are three English legal entities and one from the British Virgin Islands, which allowed PrivatBank to file a lawsuit in this jurisdiction.
The funds that can be recovered will be considered "the return of previously written-off assets" in the reporting, which will increase the bank's capital, Forbes Ukraine wrote. Also, the victory in London, although it does not directly affect other 'Privat' courts in the USA, Israel, and Cyprus, will still set a precedent and is expected to strengthen the bank's position, says Oksana Zubchenko, Deputy Chairperson of the Management Board of Sense Bank, who was a legal advisor for PrivatBank on international legal matters in 2018–2019.
In the first half of 2025, PrivatBank recorded a record profit of 34.9 billion UAH. The victory in London may increase the chances of privatization.
