**Ukrainian Oligarch Ihor Kolomoisky’s Embezzlement Case Ready for Trial**
In a significant development, Ukrainian law enforcement agencies have completed an investigation into embezzlement charges against billionaire oligarch Ihor Kolomoisky. The case is now ready for trial, according to the National Anti-Corruption Bureau of Ukraine (NABU).
Kolomoisky, who was once the owner of Ukraine’s largest bank PrivatBank, and five of his associates were charged in 2023 with money laundering and fraud. They are accused of embezzling Hr 9.2 billion ($250 million) from the bank.
The case against Kolomoisky is one of Ukraine’s largest-ever corruption probes. As co-founder of PrivatBank in 1992, he lost ownership to the state in 2016 after his management left a $5.5 billion hole in its balance sheet. This led to his arrest in 2023, making him the wealthiest businessman to have landed behind bars in Ukraine’s independent history.
**The Scheme**
According to investigators, Kolomoisky allegedly orchestrated the fraud in 2015 while serving as governor of Dnipropetrovsk Oblast. The scheme involved funneling money to an offshore entity under his control and boosting his ownership stake in the bank. He allegedly forced PrivatBank to pay more than 9.2 billion hryvnias ($250 million) to a company he controlled by claiming the bank was repurchasing its own bonds at artificially high prices.
To conceal the theft, authorities say he laundered 446 million hryvnia ($12 million) through five shell companies using fake securities trades. The embezzled funds ultimately flowed into Kolomoisky’s personal accounts, which he then used to inject capital back into PrivatBank to satisfy central bank requirements.
**Previous Charges and Litigation**
This case represents the fourth criminal episode stemming from PrivatBank’s collapse. Previous charges have included a 136 million hryvnia ($3.7 million) insurance scam, a $315 million letter-of-credit fraud, and an 85.2 million hryvnia ($2.3 million) embezzlement scheme during 2021-2022.
In November 2024, Ukraine’s Supreme Court definitively ended Ihor Kolomoisky’s legal challenge to PrivatBank’s nationalization, upholding lower court rulings and dismissing the oligarch’s appeal. This decision concluded nearly five years of litigation over the 2016 seizure of the country’s largest lender.
The case against Kolomoisky is a significant step towards bringing accountability to Ukraine’s corrupt financial practices. As the investigation concludes and the case heads to trial, attention will be on how the justice system handles this high-profile corruption case.
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