In what may be the largest by value English Court judgment, on 10 November 2025 the High Court awarded the Ukrainian bank PrivatBank over US$3 billion in damages, interest and costs against its former owners, Igor Kolomoisky and Gennadiy Bogolyubov: see JSC Commercial Bank PrivatBank v Kolomoisky & others [2025] EWHC 2909 (ChD). This follows a high-profile judgment earlier this year in which the Court upheld the Bank’s fraud claims against Mr Kolomoisky, Mr Bogolyubov, and various companies found to be owned and controlled by them.
The Bank was awarded its costs on the indemnity basis, with the Defendants being ordered to make an interim payment on account of those costs in the sum of £76.4 million. Mr Kolomoisky and Mr Bogolyubov’s applications for permission to appeal were dismissed.
Tim Akkouh KC, Catherine Jung and Yanni Goutzamanis of Essex Court Chambers were instructed for PrivatBank, alongside Robert Anderson KC and Andrew Hunter KC of Blackstone Chambers and Conor McLaughlin of Erskine Chambers. They were instructed by Richard Lewis, Rebecca Wales, Oliver Humphrey and Jenna Ralfe of Hogan Lovells. James Willan KC and Chris Lloyd of Essex Court Chambers were also instructed for PrivatBank in the 14-week trial of the Bank’s claims.
