Since 2017, we have represented Ukraine’s largest – and now-state-owned – bank, PrivatBank,
in one of the most complex and high-profile recent cases to come before the English courts.
In July 2025, the High Court held the Bank’s former owners, Ihor Kolomoisky and Gennadiy Bogolyubov, responsible for misappropriating nearly US$2 billion from PrivatBank via fraudulent loans, concocted documents and a vast loan-recycling scheme.
Our role was pivotal.
Led by partners
Richard Lewis,
Rebecca Wales,
Oliver Humphrey, and
Jenna Ralfe, our cross-border team navigated eight years of relentless litigation, millions of documents and a 13-week trial. We exposed layers of artificial transactions with no commercial purpose, dismantled Kolomoisky and Bogolyubov’s dishonest defenses, and safeguarded PrivatBank’s path to recovery.
In its 490-page decision, the court underscored the scale of dishonesty, finding the defendants
“built their case on dishonest foundations” and deliberately destroyed key evidence – findings our strategy brought to light.
Richard said: “This was one of the most complex, wide-ranging and hard-fought cases in recent memory, not just because of the nature of the fraud, the claim and the enormous resource with which it was defended, but also because it involved navigating the unprecedented challenges presented by global events over its lifetime, in particular a global pandemic and the full-scale Russian invasion of Ukraine. The court’s findings vindicate PrivatBank’s pursuit of justice and all the work put in by a hugely talented and hard-working Hogan Lovells team.”
In November 2025, the Court handed down its final judgment, ordering Kolomoisky and Bogolyubov to pay PrivatBank more than US$3 billion in damages and costs. The ruling awarded US$1.76 billion in principal damages, US$1.19 billion in pre-judgment interest, and £76.4 million (approximately US$99.6 million) on account of legal costs.
In ordering costs on the indemnity basis, the Court found that the defendants’ cases were
“inherently incredible and built on deliberate lies,” and that their attempts to deny or distance themselves from the fraud were
“seriously misleading and dishonest.”
Impact beyond the courtroom.
The outcome goes further than PrivatBank itself. It was about reinforcing the integrity of financial systems worldwide and strengthening Ukraine’s financial stability.
Rebecca added: “This judgment reinforces the ability of courts to hold powerful individuals to account and provides a clear precedent for other institutions pursuing cross-border fraud claims. It is a message to financial institutions worldwide seeking restitution that justice isn’t out of reach.”
The result sends a strong deterrent signal: complex fraud, no matter how complex or far-reaching, can be confronted through sophisticated legal strategy and teamwork.
Reshaping the future.
For PrivatBank, its millions of account holders and the Ukrainian state, this outcome is about more than numbers. It’s about rebuilding trust, ensuring stability, and reinforcing Ukraine’s commitment to rooting out fraud and corruption – values that will endure long after the final judgment.
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