PryvatBank has ‘good arguable’ case against Kolomoisky & Bogolyubov – Israeli court

Ihor Kolomoisky
Ihor Kolomoisky

PrivatBank initiated a fraud claim in Israel against Kolomoisky and Bogolyubov on Dec. 18, 2019. The bank argued the defendants had perpetrated an unlawful scheme to misappropriate at least $600 million between 2007 and 2011 by transferring it to an account held at one of Israel’s largest banks, Israel Discount Bank.

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The court held that it had been sufficiently proven by PrivatBank for the purposes of its assessment on jurisdiction that, during Kolomoisky and Bogolyubov’s ownership of PrivatBank, funds were funneled to Israel through a complex and elaborate series of transfers.

The court also dismissed the former owners’ claim that they had been persecuted by the Ukrainian government, which it said weakens their argument to have the dispute adjudicated in Ukraine, PrivatBank’s press service said.

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At the same time, “despite its various favorable conclusions,” the court held that Israel is not the appropriate forum to hear the claim.

“PrivatBank is entitled to appeal this decision, as it continues seeking justice for the unlawful conduct of its former owners,” reads the report.

Kolomoisky refused to testify before the High Court of Justice in London on May 23, following his partner Bogolyubov.

This news comes after an unexpected statement at the March 29 procedural hearing that Bogolyubov was not ready to testify at the substantive hearing.

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Read the original article on The New Voice of Ukraine