Kenneth Rijock

Kenneth Rijock

Tuesday, May 28, 2019

UKRAINE'S GOVERNMENT-OWNED PRIVATBANK SUES ITS FORMER OWNERS FOR MONEY LAUNDERING AND FRAUD



Privatbank, the publicly-owned (failed and later nationalized) Ukrainian bank that was the country's largest lender, has filed a civil suit, in state court in the State of Delaware, alleging that the bank's former owners, reputed oligarchs Ihor Kolomoyskiy and Hennadiy Boholyubov, committed money laundering and fraud, looting billions from the bank.



The plaintiff bank asserts that the defendants misappropriated loan proceeds, and used American accounts and corporations to launder hundreds of millions of dollars. Suit was filed in the Court of Chancery which has jurisdiction over Equity issues. The defendants have not yet responded to the action, nor made any public statements regarding their defenses.

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