The case of Privatbank. The London court extended the worldwide seizure of the assets of Kolomoiskyi and Bogolyubov
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The High Court of London has expanded the possibilities for worldwide seizure of the assets of former Privatbank shareholders Igor Kolomoiskyi and Gennady Bogolyubov. This is evidenced by the court’s decision in the BL-2017−000665 case, the bank’s press service reported in a comment to the EP.
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What is the matter?
We are talking about a case in which Privatbank seeks to return the funds withdrawn from the bank on the eve of nationalization and repay the bank’s unfulfilled refinancing obligations.
Privatbank applied for the arrest of the assets of the defendants for the period of consideration of the case in the amount of $3 billion, and in 2017 the High Court of London made a decision in favor of the bank. Thus, a worldwide arrest was imposed on the assets of Igor Kolomoiskyi and Gennady Bogolyubov, as well as six companies that are probably controlled by them.
By its decision dated January 31, 2023, the court, on the request of Privatbank, decided to actually expand the possibilities for the worldwide seizure of assets.
Privatbank called this decision “an extremely positive event for the bank.”
Let’s remind
In December 2017, the state-owned Privatbank already applied to the High Court of London with a claim for the return of assets withdrawn by the former owners Igor Kolomoisky and Gennady Bogolyubov and the British companies connected with them in the amount of more than $2.5 billion and achieved worldwide seizure of their assets.
In December 2018, the court found the claim to be outside its jurisdiction, however, the bank appealed this decision to the Court of Appeal of England and Wales in October 2019. The order of the court on the worldwide seizure of assets remained in force until the judgment on the merits, and the amount of losses, including accrued interest, grew to $3 billion.
Taking into account the bank’s lawsuits against the former owners in the courts of the USA, Israel and Cyprus, the total amount of claims against the former owners in foreign jurisdictions is more than $10 billion.
Source: Ministry of Finance
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