Efforts to recover billions of dollars allegedly stolen from Ukraine’s PrivatBank suffered a setback on December 4 when a judge in London threw out a $1.9 billion fraud claim against the bank’s former owners.
PrivatBank was taken over by the Ukrainian government in December 2016 after its main shareholders, Ihor Kolomoisky and Gennadiy Bogolyubov, defied repeated demands to recapitalize the bank and restructure huge portfolios of related-party loans.
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| Ihor Kolomoisky |
An investigation by US consultancy Kroll subsequently backed claims by Ukrainian authorities that $5.5
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