UK Supreme Court Refuses Appeal in PrivatBank Case
Former PrivatBank owners Ihor Kolomoisky and Hennadiy Boholiubov were denied permission to appeal a ruling ordering them to pay more than $3 billion.
Updated on Nov. 4, 2026 in Financial Crime
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The UK Supreme Court denied former PrivatBank owners Ihor Kolomoisky and Hennadiy Boholiubov permission to appeal, as the applications raised no points of law of general public importance. The English court ruling ordering them to pay the bank more than $3 billion can now be enforced in any jurisdiction.
Why it matters
The decision leaves in place findings that the former owners were jointly liable for misappropriating PrivatBank funds through a fraudulent scheme. It also strengthens the bank's ability to pursue collection of the award across borders.
The Court of Appeal dismissed the former owners' appeals on May 22, 2026, and the UK Supreme Court has now denied permission to appeal. The English judgment ordering payment of more than $3 billion can be enforced in any jurisdiction.
The players
Ihor Kolomoisky
Ukrainian businessman and former co-owner of PrivatBank, one of Ukraine's largest banks, who was found liable in the English courts for misappropriating bank funds.
Hennadiy Boholiubov
Ukrainian businessman and former co-owner of PrivatBank who, with Ihor Kolomoisky, was found jointly and severally liable by the High Court of England and Wales.
PrivatBank
Ukrainian bank that brought the lawsuit in England seeking recovery of funds it says were misappropriated through a fraudulent scheme in 2013-2014.
The details
PrivatBank sued Kolomoisky, Boholiubov and associated companies in the High Court of England and Wales in December 2017, alleging a fraudulent scheme that siphoned off funds in 2013-2014. In July 2025 the High Court found the two men jointly and severally liable, and in November 2025 it set the total payable above $3 billion.
Timeline
2013-2014: Alleged fraudulent scheme siphons off PrivatBank funds.
December 2017: PrivatBank files its lawsuit in the High Court of England and Wales.
July 30, 2025: High Court finds Kolomoisky and Boholiubov jointly liable.
November 2025: Court sets total payable to the bank at more than $3 billion.
May 22, 2026: Court of Appeal dismisses the former owners' appeals.
Legal Context
The case is a cross-border civil recovery action in which PrivatBank sued its former owners in the High Court of England and Wales and has now secured a judgment that can be enforced internationally. It follows the 2017 lawsuit that brought the claim before English courts.
Because the judgment can now be enforced in any jurisdiction, the bank may pursue collection against the former owners' assets wherever they are held. Readers following cross-border financial fraud cases should expect enforcement actions rather than further appeals in this matter.
The takeaway
Civil judgments from English courts can be enforced across borders, so individuals and firms with assets abroad may still face recovery after losing at trial. Monitoring final appellate rulings helps readers understand when a dispute has moved from litigation to enforcement.
Further reading
For more on related cases, see Financial Crime.
More information
Read the Interfax-Ukraine report on the Supreme Court decision.
Source note: This article includes information reported by Interfax-Ukraine.
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