against Kolomoyskyi and Gennadiy Bogolyubov in the High Court of Justice in London over the 2004 purchase of a Ukrainian mining company. Allegations made include murder and bribery. In January 2016 an undisclosed out of court settlement was reached just before the trial was due to start. From as of April 1, 2016, "1+1" media group ceased all TV broadcasts. According to Ruslan Bortnik, director of the Ukrainian Institute of Analysis and Policy Management, unable to find external sponsors and faced with the determination of the Ukrainian government to secure own television presence, the TV project was proving unprofitable for Kolomoyskyi. Other projects, like Kolomoyskyi Football Club Dnipro where the players were not receiving their pay, were also in difficulty. Through Privat Group, Kolomoyskyi also had an interest in Budivelnyk Kyiv. In 2019, after being relegated FC Dnipro was dissolved. In 2016, Kolomoyskyi and his business partner Gennadiy Bogolyubov were accused of defrauding Ukraine's largest bank PrivatBank of billions of dollars through large unsecured loans to shareholders. Between mid-2015 and mid-2016, the bank had handed out over US$1 billion in loans to firms owned by seven top managers and two subordinates of Kolomoyskyi. The Bank of Italy meanwhile shut down the Italian branch of Latvian lender AS PrivatBank after finding breaches of money-laundering regulations. Valeria Hontareva, the former chairwoman of Ukraine's central bank, characterised Kolomoyskyi and Boholiubov operation PrivatBank as one of the biggest financial scandals of the 21st century. “Large-scale coordinated fraudulent actions of the bank shareholders and management caused a loss to the state of at least $5.5 billion,” Hontareva said in March 2018. “This is 33 percent of the population’s deposits … [and] 40 percent of our country’s monetary base". A key mechanism appears to have been the PrivatBank subsidiary in Cyprus which the Ukrainian regulator treated as if it was just another of the bank's domestic branches. In December 2016, declaring that Kolomoyskyi‘s bank was severely under capitalized and a threat to the country's financial system, the Ukrainian government nationalized the lender, then the largest in Ukraine. A $5.6 billion bailout was financed with IMF funds. In 2018, the now nationalized PrivatBank brought a lawsuit against Kolomoyskyi and Bogolyubov in the High Court in London and secured a worldwide freeze on their assets. The High Court ruled that it had no jurisdiction, but in 2019 the judgement was overturned on appeal, with the UK Supreme Court