U.K. Court Freezes Assets of Ex-Owners of Ukraine's Top Bank
- Privatbank alleges former chiefs used shell firms in fraud
- Order to force disclosure of $2 billion held by ex-bosses
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Ukraine’s Privatbank, which was nationalized last year, said a U.K. court froze $2.5 billion of its ex-owners’ assets as the government seeks to recoup its bailout of the nation’s No. 1 lender.
Justice Christopher Nugee in the U.K. High Court granted a worldwide freezing order against billionaires Igor Kolomoisky and Gennady Bogolyubov, including six companies they’re believed to own or control as of Dec. 19, Privatbank said late Wednesday by email. The bank said the two men used a “series of dishonest transactions” to transfer almost $2 billion to themselves. The order also covers interest on the allegedly misappropriated assets.