Former owner of PrivatBank, Igor Kolomoisky, will not testify against PrivatBank's lawsuit at the upcoming High Court hearing on the merits, scheduled for Monday, June 12, in London. That is, there will be no witnesses at the trial who would testify in favor of Kolomoisky and Bogolyubov, Privatbank said in a statement..

“The hearing will essentially concern PrivatBank’s multibillion-dollar fraud and misappropriation lawsuit against, among others, Igor Kolomoisky and Gennady Bogolyubov. In addition, it has been confirmed that none of Mr. Kolomoisky's witnesses is also prepared to give oral evidence during the hearing on the merits..

The bank noted that this became known after an unexpected statement at the judicial procedural hearing on March 29 that Mr. Bogolyubov was not ready to testify during the hearing on the merits..

“The defendants and their witnesses did not explain the reasons for refusing to testify. However, this clearly indicates that Kolomoisky and Bogolyubov do not have an adequate response to PrivatBank's statements regarding their fraudulent activities,” the bank commented..

As a reminder, in an October 2019 decision, the English Court of Appeal ruled that the evidence “strongly demonstrates a carefully planned fraud” and “money laundering on a massive scale”, and that “the supply contracts were sham and were used as a deceptive basis. The court further noted that Kolomoisky and Bogolyubov admitted that "

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Recall that the former top manager and co-owner of PrivatBank and the current founder of Monobank Oleg Gorokhovsky disputes the nationalization of PrivatBank, which took place in December 2016.