Jurisdiction(s):
United Kingdom

High Court of England and Wales holds Kolomoisky and Bogolyubov liable; orders US$2.95bn including compound interest, with indemnity costs; refuses permission to appeal and a stay of enforcement

Published on: 13 November 2025

Published by a Law360 reporter

Legal News

Article summary

High Court judge William Trower has held that Igor Kolomoisky and Gennadiy Bogolyubov are jointly and severally liable to pay JSC Commercial Bank PrivatBank over US$1.76bn in damages together with US$1.19bn in compound interest, after he found in July that the two were responsible for the fraud. The figure corresponds to the US$1.9bn siphoned from Ukraine’s biggest bank, less the value of assets already restored to PrivatBank. Judge Trower explained that, under Ukrainian law, the interest is warranted to properly compensate PrivatBank for being deprived of the use of the misappropriated funds over time. Kolomoisky and Bogolyubov must also pay a further £76.4m as an interim costs payment. He determined that costs should be awarded on the indemnity basis because the pair persisted throughout the proceedings in asserting they were not to blame for the fraud. He concluded that this entailed them putting forward a case designed to mislead the court about the true position in numerous respects, consistent with his conclusions about what occurred and how the case was advanced, the judge added...

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