The so-called Privat Group of Ukrainian businessman Ihor Kolomoisky does not have a single holding structure or dominant element, from which all assets of the group are managed, according to the materials of court proceedings in the case between PrivatBank and its ex-owners.

"Mr. Kolomoisky does not have a single, dominant asset or corporate vehicle for the purpose of holding and managing his assets - although the Ukrainian media occasionally referenced Privat Group, there is no such legal entity or holding structure. Instead, over time, a decentralized approach to holding and managing his wealth and business interests has gradually evolved," the attorney of Kolomoisky, Richard David Waugh stated.

"Mr. Kolomoisky has a wide range of 'businesses.' As both his asset lists make clear, he owns assets in at least the following sectors: ferroalloy mining and trading, passenger air travel, media and television (through what is referred to as the 'TV holding'), property holding, oil trading and transshipment, oil and gas generally, telecoms, investments in financial services, metals, and aircraft leasing," the lawyer said.

"It is from time to time necessary to move liquidity from one of Mr. Kolomoisky's businesses, or his and his joint venture's business, to another. This is often done by the means of one such company making a loan to another. The obvious reason for such loans to be made is that Kolomoisky holds little cash in his own right, such that he cannot simply make an injection of capital into a business. Those loans are formally documented, but it is not uncommon for them to be extended in order that the liquidity remains in the part of Kolomoisky's businesses where it is required," the lawyer added.

"Kolomoisky is not exclusively a passive investor in assets. He is also involved in the management of a number of his businesses. Although Kolomoisky does not personally manage each of the businesses in which he has an interest, he does (in his capacity as an investor, shareholder or beneficial owner of such interest) engage with those responsible for the management of his businesses … The level of Kolomoisky's engagement naturally varies depending on various factors, for example the size, nature, market and financial situation or location of the relevant business. Kolomoisky also has various people who work with him or are engaged to assist in those activities," he said.

As reported, Kroll company, attracted by the Ukrainian government in 2017, after the forensic audit of PrivatBank confirmed that the financial institution before its nationalization at the end of 2016 was the object of large-scale and coordinated fraudulent actions, which resulted in losses of at least $5.5 billion.