Kolomoisky and Boholyubov fail to comply with the English court decision: PrivatBank starts enforcement action
27 November 2025 12:16
on November 24, 2025, the deadline set by the High Court of England for the former owners of PrivatBank to voluntarily comply with the decision to compensate for damages expired. Ihor Kolomoisky and Hennadiy Boholyubov had to pay the bank more than USD 3 billion, but no payments were received. This was reported in the bank, "Komersant Ukrainian" informs
What the High Court of England has decided
on November 10, 2025, the court ruled that the former shareholders must compensate PrivatBank for losses and interest that had accumulated by the time the decision was announced.
The principal amount of damages is USD 1.76 billion, and more than USD 1.19 billion is accrued interest. The court also ordered the former owners to make an advance payment of £76.4 million (about $100 million) to cover the bank’s legal costs.
This is one of the key decisions in the long-running legal battle between the nationalized bank and its former owners.
Kolomoisky and Bogolyubov tried to get a general stay of the decision, but the High Court of England rejected the motion. Therefore, the document has entered into force and is subject to immediate enforcement.
Why PrivatBank has not yet received the funds
According to the bank, as of today, the defendants have not made any payments. This means that the case is entering the enforcement phase.
An English court decision can be enforced not only in the UK. It can be recognized and enforced in a number of other countries, in accordance with their national laws.
Where assets can be recovered: key jurisdictions
PrivatBank is already preparing legal actions in foreign jurisdictions where the assets of the former owners may be located, as well as in Ukraine, where they own part of the property.
These may include:
- freezing of assets
- seizure of corporate rights
- foreclosure of real estate;
- enforcement through cross-border collection mechanisms.
The bank notes that the process will be long and complicated, but the legal team has the relevant experience, resources and tools.
PrivatBank’s position
The financial institution emphasizes that it is ready to use all available legal mechanisms:
“Enforcement will be a rather long and complicated process. PrivatBank will continue to take all necessary measures to ensure that the court’s decision is fully enforced, including through cross-border collection mechanisms. The bank reaffirms its determination to achieve justice and compensation for the losses incurred, in the interests of its clients, shareholder and all citizens of Ukraine.”
The bank emphasizes its determination to seek compensation for the losses incurred by the state-owned bank and, accordingly, Ukrainian taxpayers.
As a reminder, in July 2025, the High Court of Justice of England already ruled in favor of Privatbank in a case to recover more than $2 billion.
This paved the way for further lawsuits against the former owners for withdrawing funds before nationalization.
“PrivatBank remains the country’s largest bank: in 9M2025, its net profit amounted to UAH 50.6 billion, up 15% year-on-year.
