PrivatBank Triumphs in $2 Billion London Lawsuit

Ukraine's PrivatBank secured a legal victory in London against its ex-owners, Ihor Kolomoisky and Gennadiy Bogolyubov, who were accused of embezzling nearly $2 billion. The ruling, seen as a benchmark for Ukraine's anti-corruption drive, held them jointly liable despite their denial of any wrongdoing.

Ukraine's PrivatBank has emerged victorious in its London lawsuit against its former owners, securing a crucial win in its battle against alleged corruption. The bank accused ex-owners Ihor Kolomoisky and Gennadiy Bogolyubov of siphoning off nearly $2 billion through sham loans and supply agreements during 2013 and 2014.

This legal battle has been ongoing since the bank's nationalization in 2017, which was part of an effort to overhaul Ukraine's finance system. Kolomoisky, detained since September 2023 on charges of fraud and money laundering, and Bogolyubov, who reportedly left Ukraine illegally, both denied any involvement in the alleged fraud.

The case's outcome is seen as a significant test of President Volodymyr Zelenskiy's commitment to fighting corruption, a critical issue amid Ukraine's conflict with Russia. The ruling by Judge William Trowler held both men jointly and severally liable for approximately $1.9 billion, reassuring investors and contributing towards Ukraine's reform efforts.

(With inputs from agencies.)