Loans to affiliated firms: Horokhovskyi and other Monobank investors sanctioned credits to entities within PryvatBank, according to the London High Court

Loans to affiliated firms: Horokhovskyi and other Monobank investors sanctioned credits to entities within PryvatBank, according to the London High Court

London’s High Court of Justice determined in the PryvatBank case that a group of shareholders systematically provided insider loans to Cypriot entities owned by the bank’s main beneficiaries.

In other words, the ruling confirms they were lending to themselves, fully aware that repayment was unlikely, as reported by "Ukrainian News".

It is reported that former PryvatBank executives—current Monobank shareholders Horokhovskyi and Yatsenko, Dubilet, and other managers holding 10% of the bank’s capital—coordinated their actions under the guidance of the institution’s principal beneficiaries.

One of them, I remind you, ended up in pre-trial detention, while another fled to Vienna. All these individuals, from the Dubilets settled in Israel to Pikush, Yatsenko, and other participants in the scheme of fund misappropriation, are outside Ukraine and are effectively wanted by the NABU. By a strange coincidence, Oleh Horokhovskyi is not among them.

According to the court’s decision, Horokhovskyi and Yatsenko headed the ethics and compliance committee. They, in particular, should have been the first to "raise the alarm" about insider loans to affiliated persons.

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The High Court of London, in which "PryvatBank" recently won a case against its former shareholders, has published the case materials. Among other things, they mention the co-founder of "Monobank," Oleh Horokhovskyi, who, at the time of nationalization in 2016, worked as the deputy head of "PryvatBank." The court case reveals that Horokhovskyi was executing the will of the owners—Kolomoiskyi and Boholyubov—and subsequently maintained close communication with them over the years.

In particular, the decision of the High Court of London states that the co-founder of Monobank, Oleh Horokhovskyi, continued to maintain close ties with his former "bosses." The judge asserts that the co-founder of "Fintech Band" attended at least one meeting with Ihor Kolomoiskyi in Geneva (Switzerland) in February 2018 and dined with him and the former deputy chairman of the board of "PryvatBank," Tymur Novikov, by the lakeside in June 2018. The court case includes data on the exchange of personal messages on WhatsApp, as well as business discussions where Horokhovskyi "sought instructions from Mr. Kolomoiskyi" regarding an unspecified payment.

The court also concludes that there is "credible evidence" that Horokhovskyi continued to participate in joint business affairs with both defendants (Kolomoiskyi and Boholiubov) as late as 2019. That is, at least three years after the nationalization of "PryvatBank." Additionally, the decision of the High Court of London claims that the co-founder of Monobank, Oleh Horokhovskyi, flew on Ihor Kolomoiskyi’s private plane from Tel Aviv (Israel) to Dnipro in June 2019, together with Oleksandr Dubilet—the chairman of the board of "PryvatBank" before nationalization and de facto former superior of Horokhovskyi. At that time, Volodymyr Zelenskyy had already become the President of Ukraine.

"The tone of the correspondence surrounding this meeting (in Geneva between Horokhovskyi and Kolomoiskyi) indicates close personal relations with Mr. Kolomoisky, which appear to have continued into 2019 when he flew with Mr. Dubilet and members of his family to Dnipro in June 2019 on Mr. Kolomoiskyi’s private plane," the judge notes. Why is close communication with former employers a bad sign? The fact of friendly relations between the former top manager of "PryvatBank," Oleh Horokhovskyi, and the former owners, Ihor Kolomoiskyi and Hennadiy Boholyubov, even after the bank’s nationalization, suggests the preservation of loyalty and ties with individuals whom the court found responsible for organizing a fraudulent scheme that caused the bank losses of billions of dollars.

Such behavior raises doubts about the independence of the former top manager and potential awareness of the events that took place. Considering the facts presented, it can be said that Horokhovskyi took into account Kolomoiskyi’s opinion on certain matters after their departure from "PryvatBank" and acted as advised by his former boss.

In other words, the former bank manager considered the opinion of the ex-co-owner, who is implicated in the illegal withdrawal of billions of dollars from the bank. Seeking "instructions" from Kolomoiskyi years after nationalization and criticizing the bank’s new management in personal conversations with him indicates that Horokhovskyi’s loyalty remained with the former owners rather than with the interests of the state or the new bank leadership.

The legal proceedings of "PryvatBank" against its former owners

As a reminder, the state nationalized "PrivatBank" in December 2016. At that time, Oleh Horokhovskyi was the deputy chairman of the board and one of the key figures in the bank. The majority owners of the bank were billionaires from Dnipro, Ihor Kolomoiskyi and Hennadiy Boholyubov, who controlled 92% of the bank’s shares. After nationalization, the state and the Ministry of Finance had to inject 116.8 billion UAH into the bank to keep it afloat and save it from collapse.

The High Court of London concluded that the former owners of "PryvatBank" withdrew assets worth approximately $1.9 billion from it. This lawsuit by the now state-owned bank against Ihor Kolomoiskyi and Hennadiy Boholyubov has been under consideration in London since 2017. Judging by everything, the court will oblige Kolomoiskyi and Boholyubov to pay the bank over $1.7 billion.

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Now, "PryvatBank" will begin the process of recovering damages. "The full amount payable to the Bank, including interest and legal costs, will be determined at a subsequent hearing later this year and is likely to significantly exceed $2 billion USD in total," stated the press service of "PryvatBank." In January 2017, former top managers of "PryvatBank" established the company "Fintech Band," with shareholders including Oleksandr Dubilet, Oleh Horokhovskyi, Dmytro Dubilet, Mykhailo Rohalskyi, Volodymyr Yatsenko, Lyudmyla Shmalchenko, and Vadym Kovalyov.

Subsequently, this company developed the neobank Monobank, which has been operating under the license of Universal Bank owned by Serhiy Tihipko since November 2017—incidentally, also a former top manager of "PryvatBank." Over time, the shareholders of "Fintech Band" changed, but Mr. Horokhovskyi remained and continues to make key decisions.