PrivatBank wins appeal in lawsuit against former owners

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Ukraine’s PrivatBank won an appeal in a lawsuit that allows the country’s largest lender to pursue claims against its former owners in a London court, PrivatBank said.

The Court of Appeal found that “the Bank has sufficient litigation to recover $1.9 bln [plus $3 billion in interest] as stated in the lawsuit,” and that the worldwide asset freeze remains valid.

PrivatBank’s case against former owners Ihor Kolomoisky and Gennadiy Bogolyubov alleges fraud that it says cost the bank hundreds of millions of dollars.

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