Kolomoisky's defense team praise London Court decision on PrivatBank claim

The High Court of London on Friday, Nov 23, handed down a judgment in the claim filed by Ukraine's PrivatBank against Ihor Kolomoisky and Gennady Bogolyubov, finding that the case should be struck out and the Worldwide Freezing Order earlier introduced – lifted.

Andrew Lafferty, the lawyer who led the case for Mr Kolomoisky's, in a media statement noted that the judge, Mr Justice Fancourt, had found "that the WFO should be set aside as a result of serious and deliberate non-disclosures and misrepresentations to the court by the Claimant, PrivatBank, during the hearing at which the WFO was granted (and at which the Defendants were not represented)."

Read alsoKolomoisky: PrivatBank unlawfully nationalized – DW

The court found that the WFO should not have been granted and that PrivatBank "artificially constructed the case to wrongfully seek to join Mr Kolomoisky and Mr Bogolyubov to the proceedings, and so the case should be struck out."

The lawyer emphasizes the fact that his client "has always maintained  that the Bank's claims are politically motivated and misconceived, and will fail."

Touching upon the issue of the London High Court's jurisdiction, the lawyer notes that London is "an important legal and litigation centre and, understandably, many wish to litigate here."

At the same time, Mr Lafferty adds, the Claimant attempted artificially construct a case to make sure it is heard in London where PrivatBank perceived some litigation advantage, including the possibility of obtaining a WFO.  

The judge found that to be an "abuse of Mr Kolomoisky and Mr Bogolyubov's rights under Article 6 of the Lugano Convention to be sued in his own domicile."

The court also recognizes that the Defendants should be entitled to all their costs and that these costs "be assessed on an indemnity basis, rather than the standard basis, to mark the Court's disapproval of PrivatBank's conduct of the claim."

The judge awarded the Defendants interim payments on account of their costs (down payments) totalling GBP 7.5 million, with GBP 4million of that payable to Mr Kolomoisky within 28 days.