Ukrainian Oligarch Indicted in PrivatBank Case

Ukraine’s Specialized Anti-Corruption Prosecutor’s Office has filed an indictment against Ihor Kolomoyskyi, a former co-owner of PrivatBank, and five former bank employees, according to Radio NV. The case was filed with the High Anti-Corruption Court.

Investigators accuse the defendants of embezzling more than 9.2bn hryvnias ($205m). Between January and March 2015, Kolomoyskyi allegedly organized a scheme to finance an offshore company he controlled and increase his stake in PrivatBank’s share capital.

Investigators say the defendants created artificial liabilities between the bank and the company and used forged documents to repurchase bonds at an inflated price.

More than 446m hryvnias ($9.9m) was subsequently allegedly laundered through securities transactions and transferred to Kolomoyskyi’s personal account, before being invested in PrivatBank to meet the requirements of its financial rehabilitation program.

Kolomoyskyi has been in custody in Ukraine since 2023 and faces multiple criminal charges.

(mja)