Skip to content
Edit post

Israeli court says Kolomoisky case has grounds but denies jurisdiction

by Martin Fornusek June 2, 2023 5:31 PM 2 min read
A woman passes by PrivatBank 's office in downtown Kyiv on Dec. 15, 2021. (Volodymyr Petrov)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

A court in Israel has confirmed that PrivatBank has sufficient grounds for a fraud case against its former owners, Hennadii Boholiubov and the oligarch Ihor Kolomoisky, the bank announced in a press release on June 2.

However, the court also ruled that Israel is not the proper jurisdiction for the case, adding it should be considered in Ukraine.

The court ruled that "PrivatBank duly proved that during the time of ownership by Mr. Kolomoisky and Mr. Boholiubov, funds from it were withdrawn to Israel through a series of complex and carefully thought-out transfers," the press release said.

The bank claims that the two businessmen misappropriated at least $600 million from its funds in the period from 2007 to 2011.

The Israeli court criticized the former owners for not providing any factual data in their defense and not appearing for cross-examination. It has also rejected their claim of "persecution" by the Ukrainian authorities, saying it only weakens their case.

PrivatBank filed the lawsuit in Israel against its ex-owners on Dec. 18, 2019.

The financial and industrial group Privat, of which Kolomoisky and Boholiubov are the co-owners, operated the bank from its founding in 1992 until 2016.

In 2016, the National Bank of Ukraine declared PrivatBank insolvent due to its high capital losses and the government moved to nationalize the bank.

The former owners appealed to the Supreme Court against the government's decision but lost their case in July 2022.

Kolomoisky was sanctioned by the U.S. State Department in March 2021 for alleged corruption, and Ukraine's government reportedly stripped him of citizenship in July 2022.

He now holds Israeli and Cypriot citizenship.

US prosecutors move to seize $6 million from Kolomoisky in Texas
The U.S. Department of Justice filed a civil forfeiture complaint on Jan. 20, with the intention of seizing $6 million from Ukrainian oligarch Ihor Kolomoisky’s businesses, allegedly obtained with money stolen and laundered from PrivatBank. Federal prosecutors say Kolomoisky’s businesses received t…
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

11:40 PM

Russia attacks 4 communities in Sumy Oblast.

Russian forces struck four communities in Ukraine's northeastern Sumy Oblast in seven separate attacks throughout the day, the regional administration reported on April 21. There were no casualties or damages to civilian infrastructure.
8:44 PM

Zelensky: US aid gives Ukraine 'chance at victory.'

"I think this support will really strengthen the armed forces, I pray, and we will have a chance at victory if Ukraine really gets the weapons system, which we need so much, which thousands of soldiers need so much."
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
2:37 AM

Russia attacks 13 communities in Sumy Oblast, injuring 1.

Russian forces struck 13 communities in Ukraine's northeastern Sumy Oblast in 54 separate attacks throughout the day, the regional administration reported on April 20. At least 283 explosions were reported in Sumy Oblast over the past 24 hours.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.