The London court expanded the worldwide seizure of the assets of Kolomoiskyi and Bogolyubov
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The High Court of London expanded the possibilities for worldwide seizure of the assets of Privatbank executors Ihor Kolomoiskyi and Gennadiy Bogolyubov.
This is stated in the court decision in case BL-2017-000665, the press service of Privatbank in the comments of the European Parliament.
The decision concerns a case in which Privatbank seeks to return the funds withdrawn from the bank on the eve of nationalization and to repay the bank’s unfulfilled refinancing obligations.
Privatbank requested the seizure of the assets of the defendants for the period of consideration of the case in the amount of 3 billion dollars, and in 2017 the High Court of London made a decision in favor of the bank. In this way, the assets of Kolomoiskyi and Bogolyubov, as well as six companies that are probably controlled by them, were frozen worldwide.
By its decision of January 31, 2023, the court, at the request of Privatbank, decided to actually expand the possibilities for the worldwide seizure of assets.
“The recent decision of the English court to grant permission to the bank obtain court orders to seize assets abroad and require the defendants to provide further information regarding disclosure of assets that will allow monitor the execution of court orders on the seizure of assetsis an extremely positive event for the bank,” the press service of Privatbank noted.
As explained by the EP at the bank, the primary seizure was imposed on a certain specified number of assets. Instead, in the course of subsequent hearings, information appeared about the assets of bank executors, which were not previously known, and the latest court decision allows new seizures to be imposed on these assets.
“I am satisfied that, in respect of the first respondent, the disclosure of bank account information is necessary for the proper control of global asset seizure (WAA) activity and proportionate. … This, in my view [судді] opinion, is a legitimate attempt by the plaintiff to achieve the disclosure of easily identifiable assets that have always been in the VAA zone and were subject to disclosure as such,” the court decision emphasizes.
Privatbank believes that the ruling will help ensure an effective enforcement of any judgment that is received after the hearing on the merits, which is scheduled to begin in June 2023.
Read also:The second London front: how the High Court pacified Kolomoiskyi and Bogolyubov
We remind you:
In December 2016, the Government of Ukraine, at the suggestion of the National Bank and the shareholders of Privatbank, the largest of which at that time were Ihor Kolomoiskyi and Gennadiy Bogolyubov, decided to nationalization “Privatbank”.
The bank became state property, the state spent a total of over 155.3 billion hryvnias on its recapitalization. The Kroll detective agency, based on the results of the audit, confirmed that Privatbank was the object of large-scale fraud before nationalization fraudulent actions that led to losses in 5.5 billion dollars.
The bank’s executors are appealing the nationalization decision in a number of Ukrainian and foreign courts.
In December 2017 PrivatBank filed a lawsuit in the High Court of London against Igor Kolomoiskyi, Gennadiy Bogolyubov, as well as the companies Teamtrend Ltd., Trade Point Agro Ltd., Collyer Ltd., Rossyan Investing Corp., Milbert Ventures Inc. and ZAO Ukrtransitservice Ltd, which are probably owned or controlled by them.
A year later, the court found that PrivatBank had filed a lawsuit to obtain jurisdiction of the London court to file a lawsuit against Kolomoiskyi and Bogolyubov. At the same time, the judge recognized that the bank had justified claims against Kolomoiskyi and Bogolyubov for at least several million dollars.
However, the court issued an order on the worldwide seizure of assets ex-owners of the bank and the specified six companies in the amount of more than 2.5 billion dollars.
The High Court of London following the results of the meeting on January 19, 2018 continued the effect of the order on the worldwide seizure of the assets of the former owners of Privatbank Igor Kolomoiskyi and Gennadiy Bogolyubov until the next relevant court decree. At the same time, the court ordered the defendants to disclose information about all their assets to a limited number of persons who are directly involved in the proceedings.
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