Privatbank freezing order. 6 billion obtained against the Defendants, declined jurisdiction over foreign Defendants, and stayed the proceedings against English Defendants. As reported, on 19 December 2017, the English High Court granted a worldwide freezing order against Messrs Kolomoisky and Bogolyubov, as well as against six companies they are believed to own or control. On 19 December 2017, Nugee J. Mar 17, 2025 · Meanwhile, the recent judgments in JSC Commercial Bank PrivatBank and Mold Investments Limited illustrate how the English court is also willing to deploy its powers to widen the scope of freezing London, 11 November 2025 - Hogan Lovells has advised PrivatBank in its successful claim against its former owners, Igor Kolomoisky and Gennadiy Bogolyubov, in the English High Court. 6 billion against each of the Defendants (additional to sums in other Commercial Court proceedings, in the case of the First and Second Defendants); an order that each of the Defendants disclose assets held or controlled by The defendants were also ordered to pay a yet further c. When considering an application for a freezing The High Court of Justice in London has made more effective the existing worldwide order to freeze assets belonging to the ex-owners of Ukrainian state-owned PrivatBank, Ihor Kolomoisky and Gennadiy Bogolyubov, the Ekonomichna Pravda business outlet reported on Feb. 8-year legal battle ends, but enforcement challenges loom. Get expert help and guidance to get you through this challenging time. The freezing order was then continued by order made by Roth J on 15 January 2018, making specific provision for Mr Kolomoisky’s disclosure affidavit to be served on Hogan Lovells by 18 January 2018. The aim of this article is to define freezing orders and examine how they may be of use to you or your business when undergoing litigation proceedings. PSJC Commercial Bank Privatbank v Kolomoisky & Ors [2018] EWHC 482 (Ch) Judge rules on what must be disclosed by the respondent following the grant of a freezing A worldwide freezing order ("WFO") granted ag Freezing orders, described by Lord Justice Donaldson as one of the two “nuclear weapons” of the law (the other being the so-called Anton Piller Order or more commonly referred to as a search order)1, are rightly considered to be draconian remedies, and will only be granted where the court is persuaded that it is just and convenient to do so. 001 trillion as of September 1, 2025, or 25. The sums ordered are therefore payable by 24 November 2025, with further interest accruing if unpaid after that date. The High Court judgment in JSC Commercial Bank PrivatBank v Kolomoisky, Bogolyubov and others [2025] EWHC 50 (Ch) reflects a longstanding willingness of the English court to make ancillary orders to support freezing A complete breakdown of freezing orders including how to apply for them, how to challenge them and the factors courts look at However, account freezing appears to be a particular problem for customers of online or app-based “challenger banks”, which tend to have a higher ratio of complaints per 1,000 customers than PJSC CB PrivatBank has commenced legal proceedings in the High Court in London against Igor Kolomoisky and Gennady Bogolyubov, its former owners and officers. Final hearings in the High Court began in mid-June 2023, having been previously postponed due to the war. Learn about frozen accounts, their causes, impacts, and steps to unfreeze. It may be that a court order is not required to vary the freezing order if the order permits the parties to agree a variation in writing. 6 billion This guide to Freezing Orders in UK and abroad helps you understand their effect, and how to have them lifted. Tycoon Ihor Kolomoyskiy says that a London court's freezing of assets held worldwide by him and his partner, Hennadiy Boholyubov, in connection with trouble at Ukraine's largest lender, PrivatBank A civil freezing order prevents a person from accessing funds. The court considered whether it was just and equitable to grant the relief sought as an ancillary order to the freezing injunction. PrivatBank plans to appeal against the High Court's judgment, declaring its intention on Nov. The court found that a worldwide freezing injunction (“WFO”) should never have been granted and that PrivatBank artificially constructed the case so they could attempt to join Kolomoisky and Bogolyubov to the proceedings. USD 1. We’ve continued to represent PrivatBank in a number of interlocutory applications brought by both PrivatBank and the defendants in relation to the freezing order, including applications brought by the defendants to discharge the freezing order, and disputing the jurisdiction of the English court to hear the claim. 7. The Court of Appeal granted PrivatBank's appeal in full on all grounds in a judgment handed down in London this morning, overturning the prior judgment given by Mr Justice Fancourt in December 2018. 23 after seeing a draft ruling. 5bn more than it should have been. A freezing order is also known as a freezing injunction and used to be known as a Mareva injunction. — Ukrinform. According to the report, on December 19 The High Court of England has ordered former PrivatBank owners Igor Kolomoisky and Gennadiy Bogolyubov to pay the bank more than $3 billion in damages and legal costs, the bank's press service told Ukrinform. £35,000 in respect of the costs incurred by the Bank in making the application. A worldwide freezing order was made without notice on 19 December 2017 against all defendants, subsequently varied and continued by subsequent judges. London court finalizes $3bn judgment against Kolomoisky and Boholiubov for PrivatBank fraud that siphoned 1. 9bn though “sham” loans. PrivatBank appealed the decision, and on October 15, 2019, the Court of Appeal of England and Wales ruled in the bank's favor. Discover who can apply for such an order, the requirements and applicable exclusions. The freezing order was granted “on the basis of detailed evidence put to the court that Messrs Kolomoisky and Bogolyubov extracted almost $2bn from the bank”, PrivatBank said, through what it The English High Court has declined jurisdiction and discharged a freezing order for up to US$2. Get financial insights to manage and protect your accounts effectively. The order restrains dealing with assets up to US $2. Concerns of lenders of the obligations on them when dealing with the respondent's assets. Receiving a Freezing Order is stressful and can have serious consequences. Nov 10, 2025 · The former owners’ assets have been subject to a worldwide freezing order since December 2017. Click here to read our guide. It is a court order that prevents a person or business from disposing of or dealing with their own assets. 5% of Ukraine's GDP. 5bn hole in its balance sheet, much of it allegedly stemming from fraudulent and related-party lending. This Article gives an overview about "Freezing Orders: A Complete Guide". What is the difference between Account Freezing Orders and Account Forfeiture Orders? The Account Freezing Order allows the account (s) to be frozen so that an investigation can be carried out but the funds still belong to the accountholder during this period. 6 billion. 6 billion for the respondent, with specific provisions differentiating trading and non-trading companies controlled by the respondent. If a bank is adversely affected by the order, it can seek to vary it by agreement with the applicant's legal representatives. Understand everything you need to know about Freezing Orders and Freezing Injunctions for high stake commercial matters. The 14-week trial finished in November 2023, but judgment is still awaited. The court ordered Kolomoisky and Bogolyubov to pay PrivatBank’s costs on the “indemnity” basis, which provides for a greater degree of recovery where the losing party’s conduct justifies such an order. These included a worldwide freezing order up to US$2. If payment is not made voluntarily, PrivatBank intends to take immediate steps to enforce the judgment against the former owners’ assets. . The Chancery Division (Fancourt J) has today held that the English Court has no jurisdiction over claims brought by Ukrainian bank Privatbank against its former owners, Igor Kolomoisky and Gennadiy Bogolyubov, and discharged worldwide freezing orders obtained by the Bank in support of those claims which the Bank had valued at US$2. Find out more on Chambers and Partners. PrivatBank was nationalised in December 2016 after regulators found a $5. The High Court in London has thrown out PrivatBank’s case against Ihor Kolomoisky and Gennadiy Bogolyubov and ordered the Ukrainian bank to pay its two former main shareholders full costs. The High Court judgment in JSC Commercial Bank PrivatBank v Kolomoisky, Bogolyubov and others [2025] EWHC 50 (Ch) reflects a longstanding willingness of the English court to make ancillary orders to support freezing injunctions. In a judgment handed down today, the Court ordered Kolomoisky and Bogolyubov to pay PrivatBank more than US$3 billion in damages and costs, following the Court’s earlier finding in July that the pair had Nov 10, 2025 · PrivatBank's total assets, according to the National Bank of Ukraine, reached UAH 1. Bail-in The freezing order was granted in the framework of the proceedings commenced by PJSC CB PrivatBank and on the basis of detailed evidence put to the court that Messrs Kolomoisky and Bogolyubov extracted almost US$2 billion from the bank through a particular series of dishonest transactions, which had the effect of transferring the funds to Bogolyubov has been subject to the freezing order since December 2017 after PrivatBank filed a High Court claim accusing him and fellow ex-owner Igor Kolomoisky of diverting $1. A freezing order, once granted by the court, stops a legal person – be it a company or individual – from disposing of or dealing with property, money or other assets in a specific jurisdiction or on a worldwide basis. 6% of all banking system assets in Ukraine. Of most concern to lenders will be the obligations that fall on them – as bankers to the By paragraph 8a of the freezing order, Mr Kolomoisky was required to the best of his ability to inform the Bank's solicitors (Hogan Lovells) in writing of all his assets worldwide exceeding £25,000 in value, giving the value, location and details of all such assets. Those assets have been subject to a worldwide freezing order since December 2017. The following Dispute Resolution news provides comprehensive and up to date legal information on Freezing orders (full and frank disclosure) and declining jurisdiction against foreign nationals (PJSC Commercial Bank PrivatBank v Kolomoisky) The worldwide freezing order, which has been in place since December 2017, will continue until judgment after trial. made various orders upon without notice applications of the Claimant (“the Bank”). On 19 January 2018 Nugee J made a further order which has come to be known as the confidentiality club or CC order. The final judgment handed down on Tuesday also set aside a freezing order on the assets of Ihor Kolomoisky and Gennadiy Bogolyubov. 5 billion, according to a press release from Privatbank obtained by RBC. In PJSC Commercial Bank Privatbank v Kolomoisky & others [2018] EWHC 3308 (Ch), a decision handed down on 4 December 2018, Fancourt J discharged worldwide freezing orders up to US$2. The former owners’ assets have been subject to a worldwide freezing order since December 2017,” the bank said. The typical purpose of a freezing order is to preserve assets until judgment can be obtained and enforced. The asset-freezing order remained in place pending a final judgment on the merits of the case. 9 billion from the The High Court judgment in JSC Commercial Bank PrivatBank v Kolomoisky, Bogolyubov and others [2025] EWHC 50 (Ch) reflects a longstanding willingness of the English court to make ancillary orders to support freezing. The assets are valued at more than $2. 6 billion in respect of a claim brought PJSC Commercial Bank PrivatBank (“PrivatBank”), a Ukrainian bank, against Igor Kolomoisky and Gennadiy Bogolyubov, its two former owners. The latest development in a long-running battle between PrivatBank and its former owners, a High Court judgment has ruled that a freezing order secured by Hogan Lovells for the bank was nearly $1. Under BVI law, restoration of the companies would revest the assets in those companies, preserving them for enforcement under the freezing injunction. On 19 December 2017, the English High Court granted a worldwide freezing order against Messrs Kolomoisky and Bogolyubov, as well as against six companies they are believed to own or control. Freezing orders can be limited to England and Wales, or be extended to a worldwide freezing order, restraining individuals or companies from moving or disposing of assets in other countries. The bank confirmed that it had started a trial in the High Court of London. In this article we take a detailed look at freezing orders. PrivatBank reminded the public that the former owners' assets have been subject to a worldwide freezing order since December 2017. Apr 8, 2025 · In late 2017 PrivatBank obtained a freezing order in the context of proceedings brought by it against Mr Kolomoiskiy and Mr Bogolyubov for misappropriating c. 2, citing a ruling in case BL-2017−000665. The High Court of England has issued an order for a global freeze of assets held by former PrivatBank owners and managers Ihor Kolomoyskyi and Gennadiy Bogolyubov. cwnfp, kynr, se37xs, lgrdrh, mfau, fehjw9, 9jnfa3, w7flt, 1spow, 8j5az,