Ukraine heavily relies on American and English courts in its battle against billionaire oligarch Ihor Kolomoisky.
A country with such a busted judiciary can hardly hope to hold such a powerful man accountable for stealing billions from the public.
Hopes were high when PrivatBank sued Kolomoisky in the state of Delaware. They were even higher when the U. S. Department of Justice seized Kolomoisky’s properties in 2020 and all but accused him of money laundering. Criminal charges seemed on the horizon.
Now, a Delaware court has put the civil case on hold until Ukraine decides whether PrivatBank’s nationalization in 2016 — and Kolomoisky’s companies’ shady loan repayments — are legal.
At first blush, this is bad news and a reprieve for the oligarch and his allies. Ukrainian courts are not dependable even in the best of times. Does this decision mean that an adverse ruling in Ukraine can sink the Delaware civil suit — and Kolomoisky’s criminal charges with it?
Probably not. Legal insiders who spoke with the Kyiv Post think that the chance of the bank being returned to Kolomoisky is very remote. And even if Kolomoisky’s companies prove that their supposed loan paybacks weren’t fraudulent, the Delaware Chancery Court has the discretion to continue the case.
As for criminal charges, the civil case has already served its purpose as a vehicle to help U.S. investigators gather the evidence of Kolomoisky’s alleged wrongdoing. The FBI and Justice Department already have all the information, which has now been passed into a grand jury’s hands. If American criminal charges are coming, they are not going to be diverted with an adverse Ukrainian court decision.
Nevertheless, the Delaware decision is a setback. If the U.S. truly wants to help Ukraine root out corruption, it must not delay going after one of its principal architects. Every extra day Kolomoisky walks free is an obstacle to reform and justice.
We hope U.S. officials act sooner rather than later to help give this sneering bully his day in court.
