Ukraine-based JSC CB PRIVATBANK filed a new $5.5 billion claim in Cyprus over alleged fraudulent transactions involving its former key shareholders Ihor Kolomoisky and Gennadiy Bogolyubov, former senior executive Timur Novikov and two Cyprus-based companies.
The transactions were carried out between 2013 and 2016 and resulted in large sums being transferred to companies owned by Kolomoisky and Bogolyubov under loan agreements that were never repaid, according to the bank.
The newest claim brings the total value of claims lodged by the bank against its former owners in England, Cyprus, the U.S. and Israel to more than $10 billion, the bank said.
Privatbank was nationalized in 2016, which resulted in multiple lawsuits between the Ukrainian state and the lender's former owners. Parliament recently passed in first reading a bill aimed at preventing the handover of the lender back to its ex-shareholders.