London court to freeze the assets of Igor Kolomoyskiy says Ukraine

Vastavam web: Ukraine today welcomed a decision by a London court to freeze the assets of billionaire Igor Kolomoyskiy following a high-profile case that led to the state’s takeover of the country’s largest bank.Kolomoyskiy, the ex-Soviet country’s second-richest man worth USD 1.3 billion according to Forbes’ 2016 ratings, was the owner of Ukraine’s largest lender PrivatBank.”The ministry of finance of Ukraine welcomes the English High Court order on worldwide asset freezing against Kolomoyskiy and (Gennadiy) Bogolyubov, as well as against six companies they are believed to own or control,” the ministry said in statement today.

“The state has already spent almost 140 billion hryvnyas (around USD 5 billion) on recapitalisation of PrivatBank to cover the losses caused by the extraction of money from the bank and poorly secured loans given out before nationalisation,” it said.Late yesterday, PrivatBank, which holds more than a third of Ukraine’s deposits and whose takeover by the state was welcomed by the West, said it had begun legal proceedings in the High Court in London against former owners Kolomoyskiy and Bogolyubov.PrivatBank added that through the legal proceedings it was seeking to recover over USD 2.5 billion.Kolomoyskiy, who has fought to challenge the nationalisation, stressed the ruling was a temporary measure.