Ukraine's Largest Bank Wins $3B Fraud Case
Update: 2025-11-10
Description
In a landmark ruling, two Ukrainian billionaires, Ihor Kolomoisky and Gennadiy Bogolyubov, have been ordered to pay a staggering $3 billion in damages to Ukraines largest bank, PrivatBank. The court found them guilty of orchestrating a complex fraud scheme between 2013 and 2014, siphoning $1.8 billion from the bank through fraudulent loans to offshore companies they secretly controlled. The ruling also includes $1.2 billion in interest and $100 million in legal fees. Despite denying the claims, the judge described the scheme as a fraud of Byzantine complexity. The trial, which began in 2017, was briefly halted due to the war in Ukraine but resumed in June 2023. Kolomoisky is currently in pre-trial detention in Kyiv, while Bogolyubov resides in Switzerland.
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