PrivatBank secures major victory in $3 billion battle against former oligarch owners

The UK Supreme Court has refused Ihor Kolomoisky and Hennadiy Boholyubov permission to make a final appeal in a $3 billion fraud case brought by Ukraine’s state-owned PrivatBank. The decision ends the appeals process and allows the bank to continue seeking payment and enforcing the judgment in countries around the world.

PrivatBank was nationalised in 2016 after regulators found a $5.5 billion shortfall linked to fraudulent lending. A London court found the former owners liable in 2025 and ordered them to pay more than $3 billion in damages and costs; they did not meet the payment deadline. About $2.5 billion of their assets have been frozen worldwide, but recovering the money is expected to be difficult and lengthy.