Kolomoisky loses court battle to regain control of PrivatBank head office

29 September 2022, 04:57 PM
Ihor Kolomoisky, former co-owner of PrivatBank (Photo:NV)

Ihor Kolomoisky, former co-owner of PrivatBank (Photo:NV)

Oligarch Ihor Kolomoisky’s efforts to regain control over the head office building of bank PrivatBank have failed, following a final ruling on the matter by Ukraine’s Court of Cassation, PrivatBank stated in a press release on Sept.29.

“We are talking about a building worth more than UAH 152 million (USD 4,135,000), which became the property of the bank three months before the nationalization in 2016 as a subject of mortgage and as a repayment of a company’s loan debt associated with the former owners of the bank,” PrivatBank stated.

Video of day

“Now this building houses the head office of the bank in the city of Dnipro, which employs more than four thousand employees.”

Kolomoisky has been in conflict with both PrivatBank and the Ukrainian government ever since the former’s nationalization, after the discovery of a $5.5 hole in the bank’s books – believed to be the result of fraud conducted by Kolomoisky and his partner Gennadiy Boholiubov, as they were co-owners of PrivatBank at the time.

PrivatBank stated that Kolomoisky’s efforts to regain control of the physical property of the head office building began in 2020, when he sued to regain the property. While a lower court ruled in favor of Kolomoisky then, the bank appealed, and an appellate court reversed the ruling in April 2022, based on a complaint filed jointly by the bank and the Prosecutor-General’s Office.

Kolomoisky appealed that decision, and the case made its way to Ukraine’s Court of Cassation – the court of final instance in this case and a part of Ukraine’s Supreme Court. The appellate court’s ruling was upheld as a result.

However, there are still over 500 open lawsuits involving Kolomoisky, PrivatBank, and related entities and individuals.

Follow us on Twitter, Facebook and Google News

Ukraine Today
Fresh daily newsletter covering the top headlines and developments in Ukraine
Daily at 9am EST
Show more news