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At a hearing on 1 February 2021, Senior Costs Judge Gordon-Saker granted the Bank’s application for a further payment of its costs and ordered Messrs Kolomoisky and Bogolyubov, together with the defendant companies, to make a further payment of £1 million by 15 March 2021, taking the total amount paid by the defendants to the Bank to over £12 million including interest (consisting of interim payments of £4.4 million on account of the Bank's legal costs incurred at first instance and in respect of the Defendants’ unsuccessful attempt to challenge the jurisdiction in the Court of Appeal, and the return of £7.5 million paid by the Bank to the defendants in December 2018). The defendants were also ordered to pay a yet further c.£35,000 in respect of the costs incurred by the Bank in making the application.

As reported, on 19 December 2017, the English High Court granted a worldwide freezing order against Messrs Kolomoisky and Bogolyubov, as well as against six companies they are believed to own or control. Messrs Kolomoisky and Bogolyubov, together with the defendant companies, brought applications to set aside the freezing order and to dispute the English Court’s jurisdiction over the Bank’s claims. These applications were granted in a first instance judgment of Mr Justice Fancourt on 4 December 2018, but were ultimately dismissed by the Court of Appeal, which confirmed in a judgment on 15 October 2019 that the Bank can pursue its fraud claim for around US.$1.9 billion, plus interest, against its former owners and others in the English court.

The defendants were ordered by the Court of Appeal to pay the Bank’s costs of the 2018 hearing and the money the Bank had spent pursuing the appeal, and to make interim payment of £3.4 million of those costs on account by 12 November 2019. The total amount of the defendants’ costs liability will be determined at hearings which will take place between October 2021 and February 2022.

PrivatBank continues to pursue its claims against former owners and others and confident that it will ultimately succeed in recovering the sum of с.US$3.75 billion currently claimed in the proceedings together with its legal costs.

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