UK Supreme Court ends appeal battle in $3 billion PrivatBank fraud case
The UK Supreme Court has refused to allow Ukrainian oligarchs Ihor Kolomoisky and Hennadiy Boholyubov to pursue a further appeal in a multibillion-dollar fraud case brought by Ukraine’s state-owned PrivatBank, leaving a judgment requiring them to pay more than $3 billion in place.
PrivatBank announced the decision on November 4, saying it had exhausted the former shareholders’ avenues of appeal and was continuing efforts to enforce the judgment.
In July 2025, the High Court in London found that Kolomoisky and Boholyubov had committed large-scale fraud against the bank. The judgment requires them to pay more than $3 billion, including damages, interest and legal costs.
The former owners challenged the ruling, arguing, among other things, that they had already returned the funds allegedly misappropriated from PrivatBank.
The Court of Appeal dismissed their appeals on May 22, 2026. The Supreme Court has now refused permission for a further appeal.
“This means that the appeal process has been completed,” PrivatBank said in its statement.
The bank said it could now seek to enforce the English court judgment in jurisdictions where the former owners hold assets, subject to the applicable legal procedures.
“We welcome the Supreme Court’s swift decision and continue our work to enforce the court judgment,” PrivatBank said.
PrivatBank, one of Ukraine’s largest banks, was nationalized in 2016 after regulators identified a major shortfall in its capital.