In what comes as a setback for Ukraine’ state-owned Privatbank,  London’s High Court approved a motion from former Privatbank owners’ defense team to postpone the trial for a year. Gennadiy Bogolubov and Ihor Kolomoysky are facing a fraud trial in relation to a lawsuit filed by Privatbank in relation to ‘sham’ loan schemes that allegedly allowed  them walk away with $ 1.9 billion  of Privatbank funds.

In an interview with Forbes Ukraine, Privatbank CEO  Gerhard Boesch complained the British court ignored  the bank’s legal ‘attempts and flawless position’ and decided to move

The trial of Privatbank’s claim was due to be heard over several weeks from June, but Kolomysky and Bogolubov stalled the litigation aguing ‘the war in Ukraine made it ‘impossible for a fair trial to take place’ this year.

Undeterred, Privatbank executive side said it will keep charging its former owners a daily $500 thousand penalty rate, which can see the damages eventually soar to $4,5 billion.

Privatbank’s CEO tried to look on bright side of things arguing the latter measure a ‘positive’ thing.