$270 million+ proceedings against the former owners of a major Russian bank (2020-)
Acting for PJSC National Bank Trust as assignee of the relevant claims and/or rights of action of PJSC Promsvyazbank (PSB) and/or as legal successor of JSC Avtovazbank (AVB) in a multi-million claim against the Bank’s former owners and their spouses involving allegations of misappropriation of funds from PSB and AVB in the form of fraudulent loans advanced to entities controlled by or affiliated with the Bank’s former owners.
$2.8 billion+ proceedings against the former owners of major Ukrainian bank (2019-)
Acting for Joint Stock Commercial Company “PrivatBank” in a highly complex claim for damages and other relief against the Bank’s former owners, the former head of the Bank’s Investment Department and two Cypriot entities for losses suffered by the Bank as a result of two categories of transactions which, on the Bank’s case, involved drawdowns under sham loan agreements, the subsequent channeling of funds linked to those drawdowns to companies owned and/or controlled by the Bank’s former owners and/or the subsequent use of such funds to purportedly repay other amounts drawn under other sham loans agreements with the Bank and/or to conceal such earlier sham loan agreements and/or their fraudulent nature.
$260 million+ proceedings for Fraud (2016 -)
Acting for a high-net worth Forbes listed individual in a highly complex €260 million dispute with his former business partner and a well-known Cypriot corporate service provider. The case concerns a damage claim for the loss of the client’s 50% proprietary interest in two Russian coal mines which at the material time were effectively held by Cypriot companies; the shares of which were in turn held by Cypriot trustees. The action is for fraud, negligence, breach of contract, breach of fiduciary duties, inducement of breach of contract, dishonest assistance in a breach of fiduciary duty, unjust enrichment and breach of trust (including constructive trust). In the course of the proceedings a Worldwide Freezing Injunction was secured (and upheld on appeal) in favour of the client and against his former business partner accompanied by ancillary disclosure orders against the former business partner and the Cypriot service provider.
Multi Corporate Dispute in Cyprus, Russia and England (2014-2015)
Counsel of a number of Cypriot companies of Russian interests in a major dispute with a Cypriot public energy company listed on the London Stock Exchange involving claims and counterclaims totalling USD$52 million as well as highly contentious and complex interim proceedings pertaining to Freezing Orders, Prohibitive Orders, Norwich Pharmacal (Disclosure) Orders and Gagging Orders as well as recognition of foreign arbitral award proceedings, proceedings pertaining to fraud, Derivative actions and abuse of minority rights. Cases settled successfully in the context of a global settlement.
$4 billion+ proceedings for Corporate Fraud (2010-2017)
Acted in Cyprus in a landmark case (series of legal proceedings) for JSC BTA Bank of Kazakhstan before the Cypriot courts in connection with the recovery of fraudulently misappropriated funds exceeding US$ 4 billion. Amongst others and in addition to Mareva Freezing Injunctions, obtained a number of rarely issued ex parte interim remedies and other orders in support of and in the context of proceedings pending before the London High Court and the District Courts of Cyprus (including recognition of foreign world-wide Mareva injunctions and orders appointing receivers, freezing injunctions in relation to assets held in the name of parties other than the defendants, Norwich Pharmacal orders (pre-trial disclosure to enable the Plaintiffs to find out how the fraud was committed and by whom) and Anton-Piller relief (for disclosure and delivery of documents and information), orders to intervene in proceedings filed by other parties in order to secure the Bank’s interests, contempt proceedings for breach of court orders etc.). The proceedings are highly contested, involve a number of different court proceedings concurrently pending before the courts with novel procedures and have successfully (for the protection and interests of the Bank) utilized EU regulations regarding jurisdiction and assistance of the courts of member states and the recognition and enforcement of their judgements in civil and commercial matters.
Challenge to the jurisdiction of the Cypriot Courts over multi-million claim (2011-2016)
Acted as counsel for the Defendants in a multi-million dollar claim brought in Cyprus by three Israeli companies for misrepresentation and inducing a breach of contact. Successfully challenged the jurisdiction of the Cypriot court to try the claim on the basis of the provisions of the Brussels Regulation on jurisdiction and the enforcement of judgments and successfully defended the relevant appeal before the Supreme Court.
$500 million Claim in Cyprus (2011-2013):
Acting on behalf of a shareholder of a major Ukrainian group in a claim to protect his rights and interests from the de-facto controlling shareholder.
$300 million+ proceedings for breach of Fiduciary Duties/Articles of Association (2010-2011)
Acted for one of two shareholders in a Cyprus holding company in court proceedings filed in Cyprus for the protection of the Plaintiff’s minority rights and the recovery of damages in connection with attempts to squeeze out minority shareholder though breaches of duty and abuse of rights. As part of the proceedings applied for the equitable winding up of Cyprus holding company. Case was successfully settled out of court.
Interlocutory order freezing assets of an international bank (2009-2011):
Acted for the Plaintiffs in a claim against an international bank operating in Cyprus for breach of mandate and for failure to release funds deposited in the Plaintiffs’ accounts following the termination of an investigation by the Anti Money-Laundering Unit of the Cypriot Police. Interlocutory freezing order obtained against the bank resulting in the release of the relevant funds.
$500 million+ proceedings for breach of Fiduciary Duties/Articles of Association (2008-2010)
Acted for one of two shareholders in a Cyprus holding company in court proceedings filed in Cyprus for the protection of the Plaintiff’s rights and the recovery of damages in connection with the alienation of the company’s assets consisting of shares in a leading Russian company. As part of the proceedings obtained mareva injunctions, declarations of legal rights separate and in addition to proceedings for damages and orders for the rectification of corporate registers. Case settled successfully out of court.
$450 million Arbitration in Switzerland (2010)
Acted as instructing counsel in a Swiss arbitration concerning a commercial dispute.
$150 million litigation in Cyprus and in England & Wales (High Court & C. Appeal) (2010)
Acted as counsel Cyprus and instructing counsel in UK Courts in strongly contested litigation between shareholders of a Russian cement entity. One of the first cases before the Cypriot Courts in which the court was invited to interpret and apply the lis alibi pendens provisions of Council Regulation (EC) No. 44/2001 and to determine the consequences of a stay of proceedings before the foreign court. Court declined a stay of proceedings. Case subsequently settled.
$1 billion Arbitration in London (2010)
Acted as instructing counsel and appeared before the Tribunal in an LCIA arbitration between shareholders of a Russian cement holding company.
$500 million joint venture dispute (2008- 2012):
Acting for the Plaintiff, one of two shareholders in a Cyprus holding company, in court proceedings filed in Cyprus for the protection of the Plaintiff’s rights and the recovery of damages in connection with the alienation of the company’s assets consisting of the shares of a leading Russian drilling company.
Litigation in UK courts up to the House of Lords in international sale of goods case (2008):
Acted as instructing counsel in an action before the High Court, the Court of Appeal and the House of Lords of England and Wales pertaining to the interpretation and application of article 5 of Council Regulation (EC) No. 44/2001 in contracts for the carriage of goods by sea.
Winding up petitions against CSE-listed company by minority shareholders (2007-2009)
Acted for the Petitioners in two major winding up petitions filed by the minority shareholders on the ground of minority oppression. One involved a family holding company, the other a major manufacturing and distribution company listed on the Cyprus Stock Exchange. Both petitions settled successfully.
Claim against leading spirits brand for termination of agency (2006)
Acted as counsel for the Cypriot agents in one of the most complex agency termination cases to have come before the Cypriot Courts which involved a claim by the principals for money due and a counterclaim by the agents for damages for unlawful termination of the agency and distributorship agreement.
First worldwide Mareva injunction granted by Cyprus Courts (2005-2009)
Acted as counsel for the Plaintiffs, together with former Attorney-General Mr. Alecos Markides, in the landmark case of Joseph P. Lasala and Fred S. Zeidman as Co-Trustees of the AremisSoft Corporation Liquidating Trust v. Lycourgos Kyprianou and others whereby damages exceeding US$600.000.000 and order for the tracing of assets were sought in connection with a stock market fraud allegedly committed by the Defendants in the United States. The case is the first case in which the Supreme Court of Cyprus recognised the jurisdiction and power of the Cypriot Courts to issue worldwide mareva injunctions as well as interlocutory orders for the disclosure of assets.
Multi million claim against Russian Gas (energy) Company (2005-2006)
Acted as counsel in a claim by a minority shareholder of the holding company of a major Russian gas (energy) company for abuse of minority rights. Obtained a hotly contested interlocutory injunction against the Respondent holding company on an application of the minority shareholder to liquidate the holding company. The case was settled successfully.
International Arbitration in Moscow (2002-2004):
Represented the interests of a Cyprus respondent in ICAC (International Commercial Arbitration Court) arbitration proceedings in Moscow in a commercial dispute. The success in handling this matter assisted in the eventual (successful) global settlement.
$400 million claim in Cyprus (2001-2003):
Acted as counsel for the Claimant in a case of fraudulent transfer of assets giving control of a major Russian insurance and bank related group to a third party. Case settled successfully.
$700 million Arbitration in Stockholm (2002):
Acted as instructing counsel and handled an SCC arbitration by a Cyprus entity against a Russian aluminium smelter for breach of long term supply contracts following an illegal takeover. Case settled successfully.
$2.1 billion RICO suit (New York) (2001)
Acted as instructing counsel and legal advisors on a US$ 2.1 billion suit based on the Racketeering Influenced Corrupt Organisations Act against a Russian aluminium company and particular individuals concerning the illegal takeover of an aluminium plant and related assets in Russia.
State Arbitration Court in Kemerovo, Russia (2000):
Appeared before the Court in bankruptcy proceedings in relation to a major aluminium smelters in the region representing a Cyprus creditor. The bankruptcy petition formed the basis for the eventual management takeover of the smelter.