Ukrainian Bank Claims in U.S. Lawsuit That Ex-Owner Looted Loans

May 22, 2019, 6:30 PM

A Ukrainian bank sued former owner Igor Kolomoisky in Delaware, saying the exiled billionaire acquired hundreds of millions of dollars in U.S. assets by laundering money from improper loans.

PrivatBank officials claim Kolomoisky and others used wrongfully issued loans to acquire commercial real estate through a network of companies in Delaware and Ohio, according to the lawsuit filed May 20 in Delaware Chancery Court. At one point, the companies were the largest holders of commercial properties in Cleveland, the suit alleges.

Kolomoisky and other former PrivatBank owners used the institution “as their own personal piggy bank,” according to court filings. ...

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