Asters has acted as a national legal counsel to PrivatBank in a multi-billion dollar litigation against its former owners Ihor Kolomoisky and Gennadiy Bogolyubov. On 30 July 2025, the High Court of Justice in London ruled that they had misappropriated almost USD 2 billion of the Bank's funds under a re-lending scheme. The full amount of the liability to the Bank will be determined during the next hearing later this year and is likely to exceed USD 2 billion, including interest for more than a decade.
Asters provides comprehensive legal advice on numerous issues from a Ukrainian law perspective in support of the English proceedings, including assistance with fraud investigation, asset tracing and fact finding. Hogan Lovells International LLP acts as the lead counsel to the Bank.
Asters' team working on the case included Managing Partner Oleksiy Didkovskiy, Partner Oksana Legka, Counsels Anna Tkachova, Oleksandr Frolov, Daryna Ushchapivska and Sviatoslav Ogreba (Forensic), Associates Ivanna Artemovych and Maksym Zeltser.
More about the case is available via the link.
PrivatBank is the largest state-owned bank in Ukraine. Today, the bank serves more than 18 million active customers, and 70% of Ukrainians use its services. The bank is a leader in the retail segment and actively introduces services for small and medium-sized businesses. It has a strong digital ecosystem and an extensive network of 1,186 outlets, 6,860 ATMs, almost 10.4 thousand self-service terminals, and more than 308,000 POS terminals throughout the country. PrivatBank's team includes more than 19,000 employees.
Asters is the largest full-service law firm in Ukraine with offices in Kyiv, Brussels, London, and Washington, D.C., and access to over 125 jurisdictions through a well-developed network of partner law firms.