UK Supreme Court closes PrivatBank appeal case against Kolomoisky and Boholyubov
The UK Supreme Court refused permission for Ihor Kolomoisky and Hennadiy Boholyubov to pursue further appeals of the English decision ordering them to pay PrivatBank more than $3 billion. The ruling ends the appeals procedure and allows the bank to pursue enforcement in any jurisdiction.
Key points
- The award exceeds $3 billion and covers damages, interest and court costs.
- The London proceedings lasted eight years.
- The High Court ruled in PrivatBank's favor on July 30, 2025, initially awarding about $1.7 billion.
- The final amount was set on November 10, 2025, and was due by November 24, 2025.
- The former owners did not pay the award.
- PrivatBank began enforcement in the UK and other jurisdictions, including Ukraine, on November 27, 2025.
- The Court of Appeal dismissed their appeal on May 22, 2026.
Why it matters
The refusal ends the appeal process in a long-running dispute over PrivatBank's ownership and financial recovery after its nationalization. It allows the bank to pursue enforcement of the more than $3 billion award in any jurisdiction, including Ukraine and the United Kingdom.
What happened
The UK Supreme Court refused to grant Kolomoisky and Boholyubov permission to appeal further the English decision requiring them to pay PrivatBank more than $3 billion. The High Court of London ruled in the bank's favor on July 30, 2025, finding large-scale fraud by the former owners and initially awarding approximately $1.7 billion, with interest and legal costs expected to increase the amount. On November 10, the court set the final award at more than $3 billion in damages and court costs, payable by November 24. The former owners did not pay, and PrivatBank began enforcement proceedings on November 27 in the United Kingdom and other jurisdictions, including Ukraine. The Court of Appeal dismissed their appeal on May 22, 2026, and the Supreme Court's refusal to permit another appeal has now closed the proceedings.
How Ukrainian sources describe it
Ukrainian coverage emphasizes the size of the monetary award for PrivatBank and its connection to the bank's nationalization and recapitalization. Reports also highlight that the former owners have not paid and that enforcement has begun in Ukraine and other jurisdictions.
Background
The London proceedings lasted eight years. The dispute concerns ownership and financial recovery following PrivatBank's nationalization. In December 2016, the National Bank of Ukraine declared PrivatBank bankrupt and proposed its nationalization. The Deposit Guarantee Fund sold all the bank's capital to the Ministry of Finance for one hryvnia, after which the ministry recapitalized the bank with $5.8 billion.