Former PrivatBank owners Ihor Kolomoyskyi and Hennadiy Boholiubov failed to pay over $3 billion ordered by the High Court of England and Wales, prompting the bank to begin enforcement proceedings, PrivatBank said in a press release on Nov. 27.
The court ruled on Nov. 10 that the ex-owners must compensate PrivatBank for losses and accrued interest. The deadline for voluntary payment expired on Nov. 24. A request to suspend the ruling was rejected, clearing the way for immediate enforcement.
The judgment follows the court’s July 2025 ruling finding the oligarchs guilty of fraud against the bank, ending an eight-year legal battle over one of the largest banking frauds in Ukraine’s history.
The ruling also confirms that Ukraine lawfully nationalized PrivatBank in 2016 after investigators uncovered a $5.5 billion embezzlement that left the bank deeply undercapitalized.
PrivatBank will pursue the judgment in multiple jurisdictions, including Ukraine, where the defendants hold assets, the release says.
“Enforcement will be a lasting and complex process. PrivatBank will continue to take all necessary measures to ensure full implementation of the court ruling, including through cross-border collection mechanisms,” the release says.
The UK court previously concluded that both Kolomoisky and Boholiubov presented “a case designed to mislead the court.”
PrivatBank welcomed the ruling, calling it a confirmation of its years-long legal battle to hold its former owners accountable.
“This judgment validates our decision to pursue justice despite the challenges,” the bank said in a statement.
The case stems from PrivatBank’s 2016 nationalization when the National Bank of Ukraine (NBU) had launched a sweeping sector cleanup known as the “bankopad,” closing dozens of insolvent lenders, no matter the size of influence.
PrivatBank is and was at that time Ukraine’s largest lender by clients and assets. Shutting down PrivatBank – the country’s largest retail lender with 19 million clients – risked sparking financial panic and the collapse of Ukraine’s banking system.
Instead, the state injected Hr. 155 billion ($5.9 billion at 2016 rates) to stabilize the system, preserve deposits, and make the bank state-owned.
The bank serves over 18 million active clients and operates 1,186 branches, 6,850 ATMs, and more than 308,000 POS terminals across the country. It employs over 19,000 staff, according to the bank’s data.