Ukraine’s Ministry of Finance published an update on a High Court of Justice in London judgment that fully upheld state-owned PrivatBank’s claims against its former owners over the misappropriation of almost USD 2 billion. The court found the defendants had diverted funds from the bank through a highly complex loan recycling scheme operated for their ultimate benefit. The case has been ongoing since 2017 and was brought against Ihor Kolomoisky and Gennady Bogolyubov, alongside three English companies and three British Virgin Islands companies. PrivatBank alleged unlawful misappropriation of USD 1.9 billion in 2013–2014 through loans used to divert funds and make payments to companies under fictitious supply contracts, while the defendants denied knowledge of the scheme, asserted the loans had been repaid, and argued the claim was time-barred. A further hearing scheduled for October 2025 will determine the amount the former owners must pay, which is expected to be well in excess of USD 2 billion.

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