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International Business Times

Business

London Court Rules Oligarch Liable Over $1.9 Bn Ukraine Loan Scheme

Igor Kolomoisky Ukraine Volodymyr Zelenksyy

Igor Kolomoisky is one of Ukraine's richest people and a former supporter of President Volodymyr Zelensky (Credit: AFP)

The Ukrainian oligarch Igor Kolomoisky and his former business partner are likely to be forced to repay $1.9 billion that they "unlawfully" appropriated from a Ukrainian bank they owned, London's High Court ruled Wednesday.

Judge William Trower found that Kolomoisky and Gennadiy Bogolyubov extracted more than $1.9 billion from PrivatBank, Ukraine's largest bank, in a "highly complex loan recycling scheme" between 2013 and 2014.

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