London court concludes appeal hearing for former PrivatBank owners on order to pay over $3 bln
The appeal hearing for former PrivatBank owners Ihor Kolomoisky and Hennadiy Boholiubov, as well as their related companies, against the High Court of England’s decision to pay the bank more than $3 billion concluded in London one day earlier than scheduled.
"May I congratulate the members of the chamber (Law Lords) on completing the presentation of their arguments in two days – half a day earlier than expected?" a judge of the Court of Appeal (Civil Division) asked on Thursday following the presentation by the former PrivatBank owners’ side.
The judge announced that the decision would be issued later: according to procedure, the parties will receive a draft in due course under an embargo that must be strictly observed. The primary purpose of this distribution is to correct typographical errors or mistakes regarding dates and similar matters, rather than to re-argue the case.
"And, secondly, for the purpose of checking whether you can agree on an appropriate order, which we hope you will be able to do. If you cannot agree on a suitable decision, please submit brief written statements, and we will resolve the disputed issues on paper, and the final decision will be handed down electronically without the need for further appearance," the judge noted.
The description of the appeal hearings recalls that PrivatBank, Ukraine’s largest commercial bank nationalized in late 2016, filed a lawsuit in the High Court of Justice in London in December 2017 against its former owners Ihor Kolomoisky and Hennadiy Boholiubov and related companies, seeking compensation for damages. The bank alleged that between 2013 and 2014, the defendants carried out a fraudulent scheme, withdrawing more than $1.9 billion.
The court considered whether the defendants controlled the bank and the legal entities involved, and whether the transactions were fictitious. The High Court judge recognized that the scheme was dishonest and that the transactions and collateral were fictitious. The defendants bore joint and several liability under Ukrainian law; objections regarding the return of funds and statutes of limitations were rejected; and claims for unjust enrichment were granted.
On November 10, 2025, the court’s decision dated July 30, 2025, was announced, ordering the former owners to pay PrivatBank more than $3 billion in damages and legal costs; specifically, the principal amount of damages was determined to be $1.762 billion. "The court awarded significant compensation, characterizing the case as one of the largest fraud cases ever considered by English courts," the commentary says.
The former owners filed an appeal against this decision in mid-December, the hearing of which was scheduled for May 12, 14, and 15, 2026.
PrivatBank is the largest bank in Ukraine. According to the National Bank, the financial institution’s total assets as of March 1, 2026, amounted to UAH 963.77 billion (23.0% of the total volume).
