The London Court of Appeal has ordered businessman Ihor Kolomoiskyi and other defendants to pay PrivatBank’s costs totaling GBP 10.9 million by November 12.

The bank announced this in a statement, the Ukrainian News Agency reports.

“Following PrivatBank’s success in the Court of Appeal, which confirmed in a judgment on 15 October 2019 that the Bank can pursue its fraud claim against its former owners in the English court, Mr. Ihor Kolomoiskyi, Mr. Hennadii Boholiubov and the other defendants must pay the Bank a total of GBP 10.9 million by 12 November 2019,” PrivatBank said in the statement.

According to the statement, the defendants were ordered to pay back the interim costs payments that had been paid to them by the bank after the first instance judgment last year.

The Bank stands to receive GBP 4 million from Kolomoiskyi, GBP 2 million from Boholiubov, and GBP 1.5 million from corporate defendants, the statement said.

In addition, according to the statement, the defendants must pay the Bank’s costs of both last year’s hearing before Judge Fancourt and the money the bank has spent pursuing the appeal.

“It will take some time for the total amount of the defendants‘ costs liability to be calculated, but in the meantime they must pay GBP 3.4 million of those costs on account by 12 November,” the bank said in the statement.

As Ukrainian News Agency earlier reported, the Kyiv Commercial Court has suspended the proceedings in the case filed by former shareholders of Privatbank seeking to invalidate the agreement on sale of the bank.

The London Court of Appeal confirmed on October 15 that an English court has jurisdiction over PrivatBank’s lawsuit against its former owners Ihor Kolomoiskyi and Hennadii Boholiubov.

© 2019 UNA