The nationalization of PrivatBank still shows its results. The country lost over 200 million hryvnias and now this sum has to be returned. PrivatBank tried to get this money with the help of the Supreme Court of London but soon it refused to rule the litigation in this case. The Court stated that the lawsuit between the bank and its previous shareholders is out of its jurisdiction. Actually, PrivatBank itself suffered from its own litigation and now it has to compensate for losses somehow.

Boris Lozhkin

Many interesting facts were uncovered while the litigation was in process. For example, the bank’s PR campaign was operated by the company connected with Boris Lozhkin and Ihor Raynin. All in all, they received money for PrivatBank’s troubles in the court.

How It All Began

Everything started in 2017 when PrivatBank sent a petition to the Supreme Court of London. They formed the litigation against previous owners of the bank, Igor Kolomoisky and Gennadiy Bogolyubov. Their assets were frozen, which is about 2.5 billion USD.

The year passed by, and in November 2018, the Supreme Court of London announced its decision concerning the case of the nationalized PrivatBank and its previous shareholders. It stated that the trial is no longer under its jurisdiction. The court didn’t want to take part in this case anymore.

It was a failure for PrivatBank because they had to pay off around 270 million hryvnias to the defendants, Igor Kolomoisky and Gennadiy Bogoliubov. They have to receive 144 million hryvnias by the end of 2018. This information has already been confirmed by media resources. Ihor Kolomoisky’s and Gennadiy Bogoliubov’s assets were unfrozen. And Boris Lozhkin had his own profit.


The Court Judgment

The Supreme Court of London officially stated that the international asset freeze was a wrong decision, PrivatBank represented fake suit to involve Kolomoisy and Bogoliubov into the case. As a result, the bank was accused of abusing their rights. The court also proved that PrivatBank provided the distorted information. So, Kolomoisky and another defendant have to receive 270 million hryvnias as compensation from PrivatBank. Moreover, the involvement of the Supreme Court of London will cost a lot too. The state will have to pay over 1.4 billion hryvnias.

Boris Lozhkin’s Role in the Case

The journalist representing Kyiv Post sent a request concerning the info about PrivatBank’s plan and sum of the recompense and got an answer from a very interesting source. He got a respond from CFC Consulting, the firm connected with Boris Lozhkin. This organization provided the PR campaign to PrivatBank during the court procedure.

Gennady Kurochka is the establisher and executive partner of CFC Consulting. He’s been connected with Presidential Administration and Boris Lozhkin since 2015. This man is one of the people who provide PR support to Bankova Str. Mr. Kurochka is the advisor of the present Head of Presidential Administration, Ihor Raynin. Gennady along with Natalia Popovych formed the Ukrainian Crisis Media Center.

CFC Consulting offers the range of services like PR and GR support. Vasyl Myroshnychenko represents the British branch of the company as he graduated from London School of Economics. What is more to say, the previous Head of the National Bank of Ukraine, Valeria Gontareva, works there now. Interestingly that PrivatBank and the National Bank of Ukraine were searching for the international PR-company just before the case was sent to the Supreme Court of London. Obviously that Boris Lozhkin and his friends didn’t waste a moment.

In 2017, two Maria Jennings’s letters sent to BellPottinger and Celicourt were published. This woman represented the interests of the National Bank of Ukraine. Interesting but the agency’s services weren’t paid in compliance of the tender choice or Prozorro rules. And this foreign support cost ranged from 7k GBP to 10k GBP per one month.

Dirty Reputation of CFC Consulting Team

There are suspicions that neither PrivatBank nor NBU chose Boris Lozkin’s CFC Consulting, Vasyl Myroshnychenko, and Kurochka to represent their interests. The members of Hogan Lovells, who failed the bank’s London case, or the legal company Asters that assigned a contract with the National Bank of Ukraine, could do this.

Now it doesn’t matter who chose Boris Lozhkin and his friends to provide the PR support. It’s obvious that this decision wasn’t based on the professional skills of the firm members. How can they take care of someone’s reputation if they can’t take care of their own?

For example, Mr. Kurochka’s beloved woman, Veronika Didusenko, won the beauty contest “Miss Ukraine-2018”. But soon, she lost her crown because of numerous lies. She didn’t mention that she has a son and was divorced. This information is principal for the contest.

Kurochka also participated in another huge event for Ukraine. CFC Consulting was a part of the PR-campaign of Eurovision-2017. The firm signed the contract with the broadcasting organization “Ukraine”. The total cost of the provided services is 10 million hryvnias.

Boris Lozhkin’s friend, Mr. Kurochka, wanted to add more prestige and luxury to Ukraine and had the idea to transfer the Eurovision contestants by helicopters. His decision didn’t respond the reality because of the warfare status of Ukraine and the fact that any flights above Kiev are forbidden. Jamala’s producer, Ihor Tarnopolskyi, said that Kurochka just wants to embezzle money. He also noticed that the CFC Consulting member works together with Serhiy Proskurnya who confronted Saakashvili. Boris Lozhkin figured In this story too.

CFC Consulting also got a tender of close Poroshenko’s ministry. The firm will assist the Ministry of Information Policy and organize info and communication processes, perform different programs and events in Buenos Aires. Their price list is still impressive! Their services cost 1.9 million hryvnias.

By the way, PrivatBank received another request concerning the information about the person who paid for all these PR-services. It’s obvious that the sum of the campaign provided in the period of the Court procedure is huge. But the Bank still didn’t respond.

Final Words

The nationalization has been a hard process for PrivatBank. And tough times are also connected with the judicial trial in London. PrivatBank wanted to get more money from its previous shareholders but everything turned in the most unexpected way. And of course, those who want to earn money unfairly are always near. Boris Lozhkin definitely knows where and how to grab impressive sums. And as always, he will perform his dirty schemes and won’t be punished.