On 4th November, KYC 360 reported that Ukrainian billionaire oligarchs Ihor Kolomoisky and Hennadiy Boholyubov face a London civil suit alleging they used fake purchasing agreements and fraudulent loans to embezzle $1.72 billion from Ukraine into offshore businesses through 3 UK companies.  It says that a  Kyiv Post investigation has uncovered 2 accountancy firms, a law firm and multiple individuals in the UK and Cyprus connected to these companies that may have played a role in the alleged scheme.  The state-owned PrivatBank has been suing its former owners in the UK, US and Cyprus, trying to reclaim assets, and the total claimed in the UK was $1.9 billion, – now at least $3 billion as interest and legal costs accrued.  The London case is built around 3 UK companies involved in the alleged schemes, which fall under UK jurisdiction and funds loaned to 42 Ukrainian shell companies.

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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