Latest news with #oligarch
News.com.au
15 hours ago
- Business
- News.com.au
London court rules oligarch liable in $1.9 bn Ukraine loan scheme
Ukrainian oligarch Igor Kolomoisky and his former business partner are likely to be forced to repay $1.9 billion they "unlawfully" appropriated from a Ukrainian bank they owned, London's High Court ruled Wednesday. Judge William Trower found that Kolomoisky and Gennadiy Bogolyubov extracted more than $1.9 billion from PrivatBank, Ukraine's largest bank, in a "highly complex loan recycling scheme" between 2013 and 2014. He added that the men were jointly liable to compensate the bank $1,911,877,385 less the real value of assets such as real estate, petrol stations and aircraft that were provided to the lender to reduce outstanding balances. The two men must agree that figure with the bank, along with the lost interest due to the lender, in coming up with the final compensation package. If it cannot be agreed, the court will decide at a later date. Ukrainian Prime Minister Yulia Svyrydenko welcomed the ruling, calling it "a clear and undeniable victory for Ukraine". "Once again, Ukraine has proven its ability to uphold justice and defend the interests of its citizens, even beyond our borders," Svyrydenko posted on social media. The bank successfully argued that the two men acquired it in order to advance "sham loans" to 50 shell companies -- 47 in Ukraine in three in Cyprus -- "with no business activity and no genuine credit or trading history". Each of the borrowing entities was "owned and/or controlled by one or both of the individual defendants", the ruling said. "Amounts were then transferred, either directly or indirectly after one or more intermediate recycling transactions, to the corporate defendants' accounts," it added. - 'Byzantine complexity' - The bank, which was nationalised in 2016, wanted to sue the two men in England, in part to obtain the benefit of freezing orders. It therefore had to focus its claim on three English shell companies alleged to be involved in the scheme. In a statement Wednesday, PrivatBank hailed the ruling as "victory" and said it "could hardly be more damning, as it sets out what has previously been described as a 'fraud of Byzantine complexity'." Kolomoisky, 62, is one of Ukraine's richest people and a former supporter of President Volodymyr Zelensky. Zelensky has long-standing links to Kolomoisky, whose media empire aired his popular "Servant of the People" show and backed his presidential campaign. But Zelensky has vowed to fight corruption since Russia invaded in 2022, and Kolomoisky is currently in prison after being detained on suspicion of fraud and money laundering in September 2023. He is also suspected of organising a contract killing and has been stripped of his Ukrainian citizenship. In 2021, the United States banned Kolomoisky and his family from entry, with the State Department saying that as governor of the eastern Dnipro region between 2014 and 2015 he was involved in "significant corruption".
Yahoo
16 hours ago
- Business
- Yahoo
London court rules oligarch liable over $1.9 bn Ukraine loan scheme
The Ukrainian oligarch Igor Kolomoisky and his former business partner are likely to be forced to repay $1.9 billion that they "unlawfully" appropriated from a Ukrainian bank they owned, London's High Court ruled Wednesday. Judge William Trower found that Kolomoisky and Gennadiy Bogolyubov extracted more than $1.9 billion from PrivatBank, Ukraine's largest bank, in a "highly complex loan recycling scheme" between 2013 and 2014. He added that the men were jointly liable to compensate the bank $1,911,877,385 less the real value of assets such as real estate, petrol stations and aircraft that were provided to the lender to reduce outstanding balances. The two men must agree that figure with the bank, along with the lost interest due to the lender, in coming up with the final compensation package. If it cannot be agreed, the court will decide at a later date. The bank successfully argued that the two men acquired it in order to advance "sham loans" to 50 shell companies -- 47 in Ukraine in three in Cyprus -- "with no business activity and no genuine credit or trading history". Each of the borrowing entities was "owned and/or controlled by one or both of the individual defendants", it said. "Amounts were then transferred, either directly or indirectly after one or more intermediate recycling transactions, to the corporate defendants' accounts," it added. The bank, which was nationalised in 2016, wanted to sue the two men in England, in part to obtain the benefit of freezing orders. It therefore had to focus its claim on three English shell companies alleged to be involved in the scheme. Kolomoisky, 62, is one of Ukraine's richest people and a former supporter of President Volodymyr Zelensky. Zelensky has long-standing links to Kolomoisky, whose media empire aired his popular "Servant of the People" show and backed his presidential campaign. But Zelensky has vowed to fight corruption since Russia invaded in 2022, and Kolomoisky is currently in prison after being detained on suspicion of fraud and money laundering in September 2023. He is also suspected of organising a contract killing and has been stripped of his Ukrainian citizenship. In 2021, the United States banned Kolomoisky and his family from entry, with the State Department saying that as governor of the eastern Dnipro region between 2014 and 2015 he was involved in "significant corruption". jwp/js Solve the daily Crossword
Washington Post
22-07-2025
- Washington Post
Fugitive Moldovan oligarch implicated in $1 billion bank fraud detained in Greece
CHISINAU, Moldova — A fugitive Moldovan oligarch implicated in a $1 billion bank fraud and other illicit schemes was detained Tuesday in Greece, Moldova's national police said. Vladimir Plahotniuc fled Moldova in 2019 as he faced a series of corruption charges including allegations of complicity in a scheme that led to $1 billion disappearing from a Moldovan bank in 2014, which at the time was equivalent to about an eighth of Moldova's annual GDP.
Daily Mail
07-07-2025
- Business
- Daily Mail
Miner Ferrexpo sees iron ore output plummet after Ukraine suspends VAT refunds
Ferrexpo has reported a massive slump in iron ore production following the Ukrainian Government's decision to suspend tax refunds for the firm. The mining company delivered 1.3 million tonnes of iron ore during the quarter ending March, compared to 2.1 million in the previous quarter, which was the highest amount since Russia's full-scale invasion of Ukraine in February 2022. Meanwhile, the Swiss-headquartered group's pellet output plunged by 39 per cent from more than 1.3 million tonnes to 821,882 tonnes. Ferrexpo has been forced to downsize its operations to one pelletising line and to reduce the production of high-grade concentrate due to the halting of VAT refunds and their negative impact on liquidity levels. The suspension follows sanctions imposed by President Volodomyr Zelensky on the oligarch Kostiantyn Zhevago, who controls a 49.5 per cent stake in Ferrexpo and was once dubbed 'Europe's youngest self-made billionaire'. Zhevago has been accused of embezzling funds from Finance & Credit Bank, which collapsed in 2015. He has denied all allegations. Ukraine's government attempted, but failed, to seize his stake in Ferrexpo's Poltava mine through the courts in 2023. In March, the Daily Mail reported that Ferrexpo would initiate international arbitration proceedings if Ukraine part-nationalised the site, which is Ferrexpo's largest iron ore mine. 'All efforts and representations are underway with the respective authorities and government bodies in Ukraine and internationally to try to resolve the VAT refund suspension,' said Lucio Genovese, interim executive chair of Ferrexpo. Ferrexpo noted on Monday that demand for its high-grade low-alumina concentrate from customers in China continued to be strong. The group's annual production volumes remain far below pre-2022 volumes due to the conflict in Ukraine disrupting export operations and many employees serving in the country's armed forces. Mark Crouch, market analyst for eToro, said: 'Ferrexpo has long been navigating treacherous terrain, but the war in Ukraine has brought unprecedented disruption.' However, he added: 'It's worth remembering that Ferrexpo has weathered severe downturns before. 'The company's shares have traded at significantly lower levels during prior crises, such as the 2008 financial meltdown and the 2015 commodities rout. 'For long-term investors with a high-risk appetite, this may be seen not as a crisis, but as yet another turbulent chapter in Ferrexpo's volatile history.' Ferrexpo shares were 0.7 per cent higher at 49.1p on late Monday afternoon, taking their losses to around 55 per cent since the year began.
Daily Mail
06-06-2025
- Business
- Daily Mail
Billionaire oligarch's lover is thrown out of her home with her kids while a sports presenter hits back at 'horrific' criticism about her weight: RICHARD EDEN'S DIARY
As the girlfriend of Russian oligarch Sergei Pugachev, Alexandra Tolstoy lived a billionaire's lifestyle, enjoying a multi-million-pound home in Chelsea, a chateau on the French Riviera and a beachfront house in St Barts. Now single, however, the socialite, 51, has been left shocked and distressed after being suddenly evicted from her home in Battersea, south London, along with her three children.
