Judge postpones trial after bank sues Ukrainian businessmen

Two businessmen sued over more than £3 billion by a Ukrainian bank have persuaded a judge to postpone a trial due to start at the  High Court in London in June.

Lawyers representing Ukrainians Igor Kolomoisky and Gennadiy Bogolyubov argued that the trial could not go ahead because of the war in Ukraine.

They told Mr Justice Trower that the trial should be delayed for a year, and outlined the difficulties the two men, plus witnesses based in Ukraine, would have giving evidence and providing instructions to solicitors.

Mr Justice Trower, who oversaw a pre-trial hearing in London  on Monday, concluded that the trial could not start in June. He said it should be possible to adjourn the trial until June 2023.

The judge indicated that he would outline the reasons for his decision at a later date.

Lawyers told the judge that Mr Kolomoisky was likely to be on a “hit list” after being perceived as having organised resistance against Russian President Vladimir Putin in the past.

They also said Mr Bogolyubov was a “target for Russia”.

Lawyers representing PJSC Commercial Bank PrivatBank wanted the judge to wait before making a decision. They said Mr Justice Trowler should “look again” in May.

The dispute began several years ago

Detail of the case was outlined in a ruling by Court of Appeal judges in October 2019.

Appeal judges heard how Mr Kolomoisky and Mr Bogolyubov helped found the bank in 1992.

The bank was nationalised in late 2016 after the National Bank of Ukraine declared it insolvent, and Mr Kolomoisky and Mr Bogolyubov were dismissed from a supervisory board.

Appeal judges said the bank was, in 2019, alleging that the men had orchestrated the fraudulent misappropriation of more than £1.4 billion.

Lawyers say the bank, which has also sued a number of companies – some based in England – linked to Mr Kolomoisky and Mr Bogolyubov, now puts its claim at more than £3 billion.

The men are fighting the case and dispute the allegations.

Mark Howard QC, who is leading Mr Kolomoisky’s legal team, said the trial should be put back to June 2023.

“Ukraine is a war zone,” he told the court. “Bombs and missiles are raining down and air sirens are going off. How on Earth would people in Ukraine give evidence?”

He added: “Obviously it cannot be done.”