Our firm, instructed by leading international law firm Hogan Lovells on behalf of PrivatBank has recently secured a series of vital ex parte orders in Cyprus in aid of enforcement of a US$3 billion+ judgment obtained against the former owners of the bank in England.
The orders obtained in Cyprus include charging orders over the shares of two Cypriot companies which are believed to be non-disclosed assets of the judgment debtors and which hold the shares in a very valuable group of trading companies in Ukraine. The orders also include a freezing order and a notification injunction with respect to the companies in question, as well as a separate general freezing order covering assets of the judgment debtors held in Cyprus or through structures involving Cypriot Corporate Services and nominees. The proceedings in Cyprus are of great importance to PrivatBank’s efforts to enforce the judgment issued in its favour and are expected to provide an opportunity to the Cypriot courts to determine novel legal issues, including issues relating to enforcement against assets the beneficial ownership of which is concealed or disputed.
The SP&Co team acting in this matter was led by Partners Alexandros Gavrielides and Andreas Michaelides with the support of a dedicated team including Senior Associates Georgia Toumazi, Chara Pieri and Michaela Aristotelous.