Following PrivatBank’s success in the Court of Appeal, which confirmed in a judgment on 15 October 2019 that the Bank can pursue its fraud claim against its former owners in the English court, Mr Ihor Kolomoisky, Mr Gennadiy Bogolyubov and the other defendants must pay the Bank a total of £10.9 million by 12 November 2019.

The defendants have been ordered to pay back the interim costs payments that had been paid to them by the Bank after the first instance judgment last year. The Bank stands to receive £4 million from Mr Kolomoisky, £2 million from Mr Bogolyubov and £1.5 million from the corporate defendants.

In addition, the defendants must pay the Bank’s costs of both last year’s hearing before Judge Fancourt and the money the Bank has spent pursuing the appeal. It will take some time for the total amount of the defendants‘ costs liability to be calculated, but in the meantime they must pay £3.4 million of those costs on account by 12 November.