The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

EEMEA: PrivatBank suffers legal setback in bid to recover missing billions

Judge throws out claim in English court; lender on track for first full-year profit since nationalization.


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. 

160x186newsfebIgor Kolomoisky
Ihor Kolomoisky

An investigation by US consultancy Kroll subsequently backed claims by Ukrainian authorities that $5.5 billion had gone missing from the bank, which held over a third of the country’s retail deposits.

In December 2017, PrivatBank secured a worldwide freezing order from the High Court in London on more than $2.5 billion of assets belonging to Kolomoisky, Bogolyubov and six companies associated with them. 

This represented an amount – plus interest – that PrivatBank’s lawyers claimed had been stolen from the lender by its former shareholders in 2014 in a series of transactions funnelled through a network of shell companies, three of which were registered in the UK. 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree