JSC Commercial Bank Privatbank v Igor Valeryevich Kolomoisky & Ors

JSC Commercial Bank Privatbank v Igor Valeryevich Kolomoisky & Ors

The Individual Defendants, as controlling shareholders and officers, orchestrated and benefitted from a fraudulent scheme misappropriating over US$1.9 billion from the Bank via sham loans and supply agreements, in breach of fiduciary duties and Ukrainian law. The Corporate Defendants, controlled by the Individual Defendants, participated in the scheme and received Unreturned Prepayments without legal basis, rendering them liable in tort and unjust enrichment for amounts causally linked to their receipt. The Bank’s claims are not time-barred, as it could not have known or acted until after nationalisation, and limitation should be disapplied in any event. Purported repayments, asset...

Parties
Claimant: JSC Commercial Bank Privatbank; First Defendant: Igor Valeryevich Kolomoisky; Second Defendant: Gennadiy Borisovich Bogolyubov; Third Defendant: Teamtrend Limited; Fourth Defendant: Trade Point Agro Limited; Fifth Defendant: Collyer Limited; Sixth Defendant: Rossyn Investing Corp; Seventh Defendant: Milbert Ventures Inc; Eighth Defendant: ZAO Ukrtransitservice Ltd
Jurisdiction
England and Wales
Judgment Date
30 July 2025
Procedural Posture
Civil Claim / Final Judgment
Outcome
Claims for compensation in tort and unjust enrichment allowed as against the Individual Defendants and, to the extent of causally linked Unreturned Prepayments, the Corporate Defendants. Limitation and repayment defences dismissed. Quantum to be determined as specified.
Legal Topics
Misappropriation, Breach of Fiduciary Duty, Unjust Enrichment, Limitation of Actions, Corporate Control, Asset Valuation, Money Laundering, Forum Shopping
Banking Law Fraud Company Law Restitution Conflict of Laws Misappropriation Breach of Fiduciary Duty Unjust Enrichment +5 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 8 Authorities cited 24 Party arguments 2 Amounts and remedies 22
Sign in to unlock

Parties

JSC Commercial Bank Privatbank

Claimant

Igor Valeryevich Kolomoisky

First Defendant

Gennadiy Borisovich Bogolyubov

Second Defendant

Teamtrend Limited

Third Defendant

Trade Point Agro Limited

Fourth Defendant

Collyer Limited

Fifth Defendant

Rossyn Investing Corp

Sixth Defendant

Milbert Ventures Inc

Seventh Defendant

ZAO Ukrtransitservice Ltd

Eighth Defendant

Procedural Posture

Civil Claim / Final Judgment

Legal Issues

  1. 1 Whether the Individual Defendants procured and benefitted from a fraudulent scheme misappropriating over US$1.9 billion from the Bank via sham loans and supply agreements.
  2. 2 Whether the Corporate Defendants are liable in tort and/or unjust enrichment for receipt of Unreturned Prepayments.
  3. 3 Whether the Bank's claims are time-barred under Ukrainian law or should be disapplied.

Ratio Decidendi

The Individual Defendants, as controlling shareholders and officers, orchestrated and benefitted from a fraudulent scheme misappropriating over US$1.9 billion from the Bank via sham loans and supply agreements, in breach of fiduciary duties and Ukrainian law. The Corporate Defendants, controlled by the Individual Defendants, participated in the scheme and received Unreturned Prepayments without legal basis, rendering them liable in tort and unjust enrichment for amounts causally linked to their receipt. The Bank’s claims are not time-barred, as it could not have known or acted until after nationalisation, and limitation should be disapplied in any event. Purported repayments, asset...

Court Disposition

Claims for compensation in tort and unjust enrichment allowed as against the Individual Defendants and, to the extent of causally linked Unreturned Prepayments, the Corporate Defendants. Limitation and repayment defences dismissed. Quantum to be determined as specified.

Orders

  • The Individual Defendants are jointly and severally liable to the Bank for compensation for harm sustained on the making of the Relevant Drawdowns, quantified as US$1,911,877,385 less the true value of Transferred Assets.
  • The Corporate Defendants are jointly and severally liable to the Bank for compensation for harm sustained on the making of specific identified Relevant Drawdowns, to be determined as per paragraph 1571 of the judgment.