Businessmen sued by Ukraine bank call for London High Court trial to be delayed

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

Lawyers representing Ukrainians Igor Kolomoisky and Gennadiy Bogolyubov on Monday told Mr Justice Trowler the trial cannot go ahead because of the war in their home country, which was invaded by Russia in February.

They said the trial should be rescheduled and outlined the difficulties the men, plus witnesses based in Ukraine, would have giving evidence and providing instructions to solicitors.

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

Mr Justice Trower, overseeing a hearing at the High Court, is due to make a decision after hearing arguments from lawyers representing PJSC Commercial Bank Privatbank.

Details of the case were outlined in a ruling by Court of Appeal judges in October 2019.

They 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, with Mr Kolomoisky and Mr Bogolyubov dismissed from a supervisory board.

Appeal judges said the bank was in 2019 alleging that the pair 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 leads 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.”