UK Cos. Deny Role In $1.9B PrivatBank Sham Loan Fraud
Law360, London (January 3, 2020, 4:11 PM GMT) -- A group of U.K. companies being sued in England by PrivatBank have denied taking part in a sham loan scheme allegedly used to funnel $1.9 billion out of Ukraine’s largest lender by its former owners, claiming they believed the transactions were genuine.
PrivatBank is suing its former owners, Gennadiy Bogolyubov and Igor Kolomoisky, and six related companies, claiming the men orchestrated the misappropriation of its funds in a fraudulent scheme involving several English and Ukrainian businesses.
Six companies, based in England and the British Virgin Islands — a British overseas territory — said in a Dec. 20 defense filing at the...
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