An international arbitration tribunal has suspended proceedings in the case against Aerosvit airline owned by businessman Ihor Kolomoisky. The businessman accused Ukraine of bankrupting the company and demanded $700 million.
This was reported by the Ministry of Justice.
This lawsuit was filed back in 2015 by the company Gilward Investments BV, whose ultimate beneficial owners are Ihor Kolomoisky and Heorhiy Gurtovyi.
The lawsuit included claims for $700 million. The plaintiff accused Ukrainian state bodies of allegedly causing the bankruptcy of Aerosvit airline.
Among the charges brought are: restricting access to international air routes, granting a competitor ("Ukraine International Airlines") exclusive rights without regulatory justification, inaction of the State Property Fund as a shareholder, expropriation of a land plot at Boryspil Airport, delays in VAT refunds, and interference in the bankruptcy procedure.
In March 2024, the Ministry of Justice filed a response to the lawsuit, in which it proved that Aerosvitʼs bankruptcy occurred solely due to internal financial insolvency and inefficient management, and not due to state intervention.
Throughout 2024, the parties exchanged documents as part of the discovery phase. The claimant did not disclose all the documents that Ukraine insisted on, despite the relevant arbitration decision.
In July 2024, the arbitration established a schedule for further procedural actions. However, the claimant repeatedly postponed these actions, citing the lack of access to Ihor Kolomoisky, who was in custody in Ukraine at that time.
Despite the delays, the arbitration ordered the parties to pay an arbitration fee of $150 000 by November 12, 2024. However, the plaintiff never paid — as a result, the proceedings were suspended in January 2025, and later finally terminated.
- This is not Kolomoisky’s only case against Ukraine. In late July, state-owned PrivatBank won a case in the High Court in London against its former shareholders — Ihor Kolomoisky, Gennady Bogolyubov, and six of their offshore companies. The bank demanded compensation for losses on withdrawn assets, which it estimates at more than $1.9 billion. With accrued interest, this amount has more than doubled.
- Kolomoisky himself is currently in pre-trial detention in connection with the contract killing of lawyer Serhiy Karpenko. He is also involved in a fraud and money laundering case — he was notified of suspicion on September 2, 2023.
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