Ex-PrivatBank Owner Accused in $2 Billion Fraud Leaves Ukraine

Former PrivatBank co-owner Gennadiy Bogolyubov, accused of being involved in a $2 billion fraud, has left Ukraine for Austria, according to Ukrainska Pravda. PrivatBank claims Bogolyubov and former partner Ihor Kolomoisky conducted fraudulent activities from 2013 to 2014. Both deny any wrongdoing, but the case is viewed as a critical test of Ukraine's anti-corruption commitment.

In a significant development, Gennadiy Bogolyubov, a former co-owner of Ukraine's largest lender PrivatBank, has reportedly left the country amid serious fraud allegations. Ukrainska Pravda disclosed that Bogolyubov departed on the night of June 24 by train, citing anonymous sources from the Prosecutor General's Office and business circles.

PrivatBank has accused Bogolyubov and fellow former owner Ihor Kolomoisky of devising sham loans and supply agreements to defraud the bank of $2 billion between 2013 and 2014. The Ukrainian government nationalized PrivatBank in 2016, and the ensuing legal battle in London is closely monitored as a measure of President Volodymyr Zelenskiy's resolve to implement reforms and combat corruption.

This case unfolds as Ukraine continues its conflict with Russia, adding complexity to its political landscape. While Kolomoisky remains in custody, Bogolyubov's press service asserts that his departure was legitimate, and both men deny any misappropriation of funds, emphasizing the lack of concrete evidence against them.

(With inputs from agencies.)