A London court of appeal ordered the former owners of Ukraine's once biggest private lender, PrivatBank, to repay its court expenses and money awarded to them by a lower court, the bank said on Wednesday
KIEV (Pakistan Point News / Sputnik - 23rd October, 2019) A London court of appeal ordered the former owners of Ukraine's once biggest private lender, PrivatBank, to repay its court expenses and money awarded to them by a lower court, the bank said on Wednesday.The Court of Appeal in England and Wales ruled last week that it had the right to try the fraud case filed by the bank against Ihor Kolomoisky, Gennadiy Bogolyubov and other defendants.
"The defendants have been ordered to pay back the interim costs payments that had been paid to them by the Bank after the first instance judgment last year. The Bank stands to receive 4 million [$5.15 million] from Mr Kolomoisky, 2 million from Mr Bogolyubov and 1.5 million from the corporate defendants," the bank said.
The remaining 3.4 million pounds should be repaid to the bank to cover its court expenses by November 12. PrivatBank said that was not the final sum, as the "total amount of the defendants' costs liability" was still being calculated.
Ukrainian authorities argue that the bank's lending practices under billionaire magnate Kolomoisky cost it billions of dollars. PrivatBank was nationalized in 2016 allegedly to protect its deposits.
