PrivatBank files cassation appeal against ruling to pay $17.5 million to former owner’s ex-wife

5 August, 12:11 PM
PrivatBank (Photo:PrivatBank / Facebook)

PrivatBank (Photo:PrivatBank / Facebook)

Ukraine’s largest bank, the state-owned PrivatBank, will appeal a court decision to pay $17.5 million to the ex-wife of former owner, Hennadiy Boholyubov, through the Supreme Court, the bank said in a statement on Aug. 4.

PrivatBank, which was nationalized in 2016, has filed a cassation appeal against a decision in the case of Olena Boholyubova, the wife of a former owner of the bank, and requested the heads of the Ministry of Justice and the National Bank of Ukraine to personally handle the risk of forced withdrawal from the bank of $17.5 million.

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PrivatBank’s former owners, Hennadiy Boholyubov and Ihor Kolomoisky, were stripped of their ownership of the bank following the reveal of a $4.5 billion fraud on the bank’s balance sheets, threatening the risk of collapse. The Ukrainian government then nationalized the concern in 2016, which the Boholyubov and Kolomoisky pair have been challenging in court since.

On July 27, the Dnipro Court of Appeal upheld a lower court's decision to collect $17.5 million from PrivatBank in favor of Olena Boholyubova, the ex-wife of former bank shareholder Hennadiy Boholyubov.

"On Aug. 1, 2022, PrivatBank filed a cassation appeal to the Supreme Court regarding the illegal decision of the Dnipro Court of Appeal (judges V.S. Horodnych, I.Yu. Tkachenko, M.Yu. Peteshenkov) on recovery from PrivatBank in favor of the ex-wife of [Ihor] Kolomoisky’s partner and ex-owner of PrivatBank H. B. Boholyubov, O. L. Boholyubova of cash in the amount that exceeds $17.5 million in total," the bank said.

PrivatBank noted that the decision of the appeal court not only harms the state and undermines the authority of the judiciary, but is also "without exaggeration a manifestation of exceptional cynicism bordering on looting" during the war.

They added that they had officially appealed to the Minister of Justice Denys Malyuska and the head of the National Bank of Ukraine Kyrylo Shevchenko "with a request to pay special attention to the flagrant illegality and cynicism of this case."

The bank also called on the chiefs of the Justice Ministry and central bank to superintend the issue of enforcement of the inchoate decision of the Dnipro Court of Appeal and "to take measures aimed at preventing the violation of the legal rights of JSC CB PrivatBank and protecting the interests of the state."

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