Appeal Court Ruling
The Court of Appeal of England and Wales has dismissed the appeal filed by Ihor Kolomoisky and Hennadiy Boholiubov, former owners of PrivatBank, against a July 2025 High Court decision. That earlier ruling ordered the pair to pay more than $3 billion to the bank. PrivatBank now intends to push for enforcement of the judgment.
In July 2025, the High Court found that Kolomoisky and Boholiubov had engaged in large-scale fraud against PrivatBank. The court ordered them to pay the specified sum by November 24, 2025. The bank had already secured a worldwide asset freezing order against the defendants back in 2017, when investigations into suspected money laundering began. This long-running case has drawn significant attention due to the high-profile nature of the individuals involved and the substantial financial stakes.
Investigation Findings and PrivatBank's Response
According to the Security Service of Ukraine (SBU), Kolomoisky and Boholiubov laundered nearly 6 billion Ukrainian hryvnias through the Jewish Community of Ukraine. The funds were funneled via accounts of the United Jewish Community of Ukraine, FC Dnipro, PJSC NPK-Galychyna, and LLC Proton-21, a company owned and controlled by Boholiubov. In December 2017, the High Court of London also issued a worldwide asset freeze covering Kolomoisky, Boholiubov, and six related companies.
PrivatBank has welcomed the Appeal Court's decision, stating that it confirms the original High Court ruling. The bank insists that Kolomoisky and Boholiubov must compensate for the losses they caused.
“The Court of Appeal rejected the former owners' arguments that they had repaid the misappropriated funds using proceeds from further fraudulent activities against the bank,”PrivatBank said in a statement.
The bank now plans to move toward enforcing the court's judgment against Kolomoisky's and Boholiubov's assets in order to secure compensation for itself and its shareholder, the Ukrainian government.
This Appeal Court decision marks a critical step in the lengthy legal battle between PrivatBank and its former owners. It validates the bank's legal stance and could have major repercussions for Kolomoisky's and Boholiubov's financial positions if the enforcement process proves successful. Given the scale of the allegations and the amount to be recovered, further developments in this case may affect confidence in Ukraine's financial system and international efforts to combat financial crime.
The ongoing legal battles surrounding financial institutions have brought attention to various cases of alleged misconduct. Recently, a Vienna court ruling mandated a former lawmaker to retract false claims about Oschadbank, highlighting the serious implications of misinformation in the banking sector. Such developments emphasize the importance of accountability and transparency in financial dealings, particularly in high-stakes situations like that of PrivatBank.