JKX oligarch’s assets frozen over bank spat

A High Court judge has ordered one of the biggest freezing orders against two oligarchs which is set to include one of Belgravia’s most expensive properties and a major stake in London-listed JKX Oil & Gas.

Ukrainian state-owned PrivatBank, previously owned by Igor Kolomoisky and Gennady Bogolyubov, claims they took almost $2 billion (£1.5 billion) from it through a series of “dishonest transactions” with companies they secretly owned or controlled.

The freezing order covers $2.5 billion of their global assets and is thought to include Kolomoisky’s 27.4% stake in JKX. The pair fought long and bitter battles with the British board of JKX for many years until last year when several UK directors were ousted. Shares in JKX fell 2% to 11.95p today.

The oligarchs are defending the Privat case. They have challenged the justification for their bank’s nationalisation and accused the Ukrainian authorities of misrepresenting the state of its finances.

Bogolyubov, whose house in Belgrave Square could also be frozen, was famously sued by his own rabbi in a London property dispute.

He and Kolomoisky also last year reputedly paid more than $1 billion to settle a London legal action with Bill Clinton’s friend, Victor Pinchuk.