PrivatBank wins appeal in London court against Ukraine's oligarchs Kolomoysky and Bogolyubov

Source : 112 Ukraine

Court of Appeal affirmed the jurisdiction of the English court
15:33, 15 October 2019

Open source

State-owned PrivatBank won in the Court of Appeal on the jurisdiction claim against the former owners of the bank Ihor Kolomoysky and Gennady Bogolyubov. This was reported by the bank's press service.

"The Court of Appeal decided that the English court has jurisdiction to consider PrivatBank's fraud claim against its former owners, Mr. Ihor Kolomoysky and Mr. Gennady Bogolyubov. A worldwide court order, which was obtained in December 2017, remains in force pending the decision on the merits," the statement said.

Related: International Court of Arbitration to consider Russia’s arguments on acquisition of Crimean assets by PrivatBank

It is noted that the Court of Appeal found that "the Bank has a sufficient case on the full recovery of 1.9 billion dollars (including interest - 3 billion dollars) as stated in the claims" and that an order for the worldwide seizure of assets remains in force.

"The Court of Appeal held that "in circumstances where a fraud claim provides judge's definition of fraud and money laundering in a particularly large amount", the bank claim must be considered essentially in England. The Court of Appeal also denied the defendants’ permission to appeal decisions and obliged them to file a line of defense against the lawsuit by the end of November, bearing in mind that the Bank can move on with the case without further delay. The date of the case will be set by the court,” the press service added.

As we reported earlier, on April 18, Kyiv District Administrative Court has satisfied the claim of Ihor Kolomoysky to the National Bank of Ukraine and the Cabinet of Ministers on the nationalization of PrivatBank. Thus, the nationalization of the bank was declared illegal.

The court decision states that the National Bank of Ukraine and the Cabinet of Ministers of Ukraine were not able to provide sufficient proof of the PrivatBank's insolvency.

Then the court ruled on another decision in favor of the former owners of PrivatBank and canceled Kolomoysky's suretyship for the loans of PrivatBank.

Related: PM Honcharuk: Government does not hold negotiations on compromise on PrivatBank

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