London court rejects PrivatBank ex-owners' appeal against $3 bln judgment – bank

The Court of Appeal of England and Wales has rejected an appeal by the former owners of PrivatBank, Ihor Kolomoisky and Hennadiy Boholiubov, against a July 2025 High Court ruling ordering them to pay over $3 billion to the bank, the financial institution announced on its website.

According to the announcement, the decision holding Kolomoisky and Boholiubov liable for damages, interest, and legal costs remains in force.

"Today marks a milestone in PrivatBank’s fight for justice in the interests of the State of Ukraine and its people. We are firmly determined to recover these substantial stolen funds so they can be returned and utilized for the benefit of the people of Ukraine," said Nils Melngailis, Chairman of the Supervisory Board of the state-owned bank.

The Court of Appeal upheld the ruling of the High Court of England and Wales, which concluded that the former owners committed large-scale fraud against PrivatBank and must compensate for the damages inflicted.

The bank said that the court rejected the ex-owners’ arguments claiming that the misappropriated funds had been repaid using proceeds derived from subsequent fraudulent activities against the bank.

In 2017, PrivatBank obtained a worldwide freezing order against the defendants’ assets. Following the appellate court’s decision, the bank intends to pursue enforcement of the merits judgment against these assets.

As reported, the July 30, 2025 decision of the High Court of England was announced in November 2025, ordering Kolomoisky and Boholiubov to pay PrivatBank more than $3 billion in damages, interest, and legal expenses. The court assessed the principal amount of damages at $1.762 billion.

The appeal hearings for the representatives of PrivatBank’s ex-owners, Ihor Kolomoisky and Hennadiy Boholiubov, and their related companies took place in London on May 12 and May 14, 2026.

PrivatBank is the largest bank in Ukraine. According to data from the National Bank of Ukraine, the financial institution’s total assets stood at UAH 923.16 billion as of April 1, 2026 (accounting for 22.3% of the banking sector’s total).

Prime Minister Yulia Svyrydenko, for her part, welcomed the final victory of the state-owned PrivatBank in the London court against its former owners.

"This is an important decision in favor of Ukraine and millions of Ukrainians… The court’s decision paves the way for compensation for the losses caused to the bank and once again confirms: the state is able to protect its interests in the most complex international disputes," she wrote in the Telegram channel.

The Prime Minister thanked the team of the government, the Ministry of Finance, the National Bank of Ukraine and PrivatBank, who have been accompanying this process for many years and consistently defended the interests of the state in the international arena.