According to a decision made today by the High Court of England, the former owners of PrivatBank, Ihor Kolomoiskyi and Hennadii Boholiubov, are required to pay PrivatBank over USD 3 billion in damages and legal costs after the court found them guilty of committing large-scale fraud against the bank in July of this year.
This was announced in a statement from the bank, Ukrainian News Agency reports.
The main amount of damages to be paid to PrivatBank was determined by the court at USD 1,761,957,792.
The court also ordered Mr. Kolomoiskyi and Mr. Boholiubov to pay interest in the amount of USD 1,190,083,824 and to make an advance payment to cover PrivatBank's costs in the amount of GBP 76,400,000 (USD 99,575,371).
Kolomoiskyi and Boholiubov applied to the court for leave to appeal the judgment and for a stay of its execution pending the outcome of such appeal.
However, both applications were dismissed by the court.
Thus, all of the above amounts must be paid by November 24, 2025, and in the event of failure to pay by that date, interest will continue to accrue on them.
If these amounts are not paid voluntarily, PrivatBank will immediately initiate the collection process and seek enforcement of the court decision against the assets of the former owners in order to obtain compensation for the Bank and, accordingly, for its shareholder, the Government of Ukraine.
The assets of the former owners have been subject to a court order on the worldwide seizure of assets since December 2017.
The court ordered Kolomoiskyi and Boholiubov to pay PrivatBank's costs on a "full compensation" basis, which results in a higher amount of compensation if the conduct of the losing party warrants such an award.
In this context, Judge Trauer noted that the defendants' positions were inherently implausible and based on deliberate lies, and that Boholiubov's attempt to distance himself from the fraudulent actions "was deeply misleading and dishonest."
The court found that both Kolomoiskyi and Boholiubov presented "a position intended to mislead the court."
As Ukrainian News Agency earlier reported, on October 15, 2019, the state-owned PrivatBank won a victory in the London Court of Appeal in a dispute with former owners Ihor Kolomoiskyi and Hennadii Boholiubov.
The Cabinet of Ministers of Ukraine adopted a decision on the state's entry into the capital of PrivatBank on December 18, 2016.
The transfer of PrivatBank to state ownership took place in accordance with Article 411 of the Law of Ukraine "On the Deposit Guarantee System of Individuals".
This decision helped to avoid systemic risks for the banking sector and became a guarantee of maintaining financial stability in the country.
The state spent more than UAH 155 billion on the recapitalization of PrivatBank.
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