A London court has upheld a ruling ordering former PrivatBank owners Ihor Kolomoisky and Hennadiy Boholiubov to pay more than $3 billion to the bank.
The Court of Appeal rejected their attempt to overturn a July 2025 decision that found both men liable for fraud.
The defendants argued that the funds they had repaid to the bank should reduce the amount owed. The court rejected the argument, ruling that the repayments were linked to further fraudulent activity.
The court also previously ruled that both Kolomoisky and Boholiubov deliberately destroyed data and documentation that could have been relevant to the case.
PrivatBank said it would proceed with enforcing the judgment against assets covered by a worldwide freezing order in place since 2017.
“We are determined to recover the substantial funds that were stolen so that they can be returned and used for the benefit of the Ukrainian people,” said PrivatBank’s Supervisory Board Chairman Nils Melngailis, according to the press release.
The case follows an eight-year legal process that began after PrivatBank was nationalized in 2016. At the time, regulators identified a $5.5 billion shortfall, and the government injected Hr.155 billion (around $6 billion in 2016) to stabilize the bank and protect the deposits of over 19 million clients.
The 2025 judgment included $1.76 billion in losses, $1.19 billion in interest, and about $103 million in legal costs.
The PrivatBank-Kolomoisky case is one of the largest civil fraud claims ever tried in the English courts, and the compensation amount is likely among the largest civil debts found in English legal proceedings.
With the appeal dismissed, PrivatBank can proceed with enforcing the ruling against assets frozen under the 2017 court order.