Ex-PrivatBank Owners Ask For Time To Fight $2.6B Fraud Suit

Law360, London (November 15, 2019, 6:07 PM GMT) -- Two former owners of PrivatBank being sued by the lender asked a London judge Friday for more time to file their defenses to two-year-old allegations that they orchestrated a scheme to steal billions of dollars from Ukraine’s largest bank.

Since 2017, PrivatBank has been pursuing a $2.6 billion claim against former owners Gennadiy Bogolyubov and Igor Kolomoisky over allegations they funneled money from the bank using sham loan transactions involving several English companies linked to the supply of commodities.

But Bogolyubov and Kolomoisky, two of Ukraine’s richest men, are now seeking an extra three months to defend claims that they embezzled...

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