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Ex-Privatbank CEO Named as Suspect in $5.5 Billion Fraud Case

Daily Life In Kiev

Photographer: Jaap Arriens/NurPhoto/Getty Images

Ukraine said three former senior managers at the country’s biggest bank are suspects in a $5.5 billion fraud, signaling efforts to bring criminal liability in the long-standing probe may be intensifying.

The case is a litmus test of President Volodymyr Zelenskiy’s willingness to crack down on corruption that’s dogged the ex-Soviet republic since the fall of communism. Privatbank’s previous owners -- tycoons Igor Kolomoisky and Gennady Bogolyubov -- are fighting legal efforts by the government to recoup bail-out cash in several jurisdictions. They deny wrongdoing.