*Editor’s note: The story is being updated.*‌‌‌‌

Ukraine’s largest lender, PrivatBank, won $1.9 billion in a London court case against its former owners, oligarch Ihor Kolomoisky and his business partner,for allegedly defrauding the institution, the bank’s press service announced on July 30.

Kolomoisky is the wealthiest businessman to have landed behind bars in Ukraine’s independent history, being detained in 2023.

The once-powerful businessman co-founded PrivatBank in 1992 but lost ownership to the state in 2016 after his management left a $5.5 billion hole in its balance sheet.

The ruling represents a significant win for PrivatBank, which has pursued the case in English courts since 2017 following the bank’s nationalization, the bank says in a press release.

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