Articles Tagged with Ukraine

IMG_0094-300x225PrivatBank, a Ukrainian based institution, is suing one of its original founders in U.S. court in an effort to gain control of the bank and prevent future fraud. The lawsuit was filed on May 21st in the state of Delaware against Ihor Kolomoyskiy and Hennadiy Boholyubov. However, executives of PrivatBank worry that Kolomoyskiy’s wealth and political connections may decrease their chances of a positive outcome in the lawsuit.

Kolomoyskiy founded PrivatBank in 1992, but has been living in exile for over two years. With connections to the newly appointed president, Volodymyr Zelenskiy, Kolomoyskiy has returned from exile and now seeks to regain control of PrivatBank. However, according to the lawsuit, Kolomoyskiy is responsible for numerous fraudulent acts using the bank’s funds.

Along with Boholyubov, Kolomoyskiy is accused of using PrivatBank to lend money to the various companies and entities that they controlled. These funds were then laundered through Delaware, which is known for its corporate-friendly laws, and used to acquire numerous properties in the United States.