Ex-PrivatBank owners fail to pay over $3 bln ordered by High Court of English, bank moving toward enforcement
Former PrivatBank owners Ihor Kolomoisky and Hennadiy Boholiubov, who, by the November 10 ruling of the High Court of England, are ordered to pay the bank over $3 billion for compensation of damages and pre-judgment interest, have failed to do so by the November 24 deadline for voluntary payment, the bank told Interfax-Ukraine on Thursday.
"The defendants failed to make any payments to recover damages to PrivatBank awarded by the judgment," said PrivatBank, which was nationalized in late 2016.
As the defendants’ applications for a general stay of execution were dismissed by the court, the judgment is subject to immediate enforcement, the financial institution stated.
The state-owned bank clarified that the English judgment can be enforced not only in the United Kingdom but also in other countries in accordance with the laws of relevant jurisdictions. The Bank is about to commence recognition and enforcement of the judgment in a number of jurisdictions outside the UK, including Ukraine, where the defendants hold their assets.
The bank assured that it possesses the experience and resources required to pursue all available legal enforcement mechanisms, irrespective of the complexity of the ownership structures involved.
"Enforcement will be a lengthy and complex process. Nevertheless, PrivatBank will continue to take all necessary steps to secure full execution of the Court’s judgment, including through cross-border recovery tools," the financial institution said.