International law firm Integrites represents VAB Bank, one of the largest Ukrainian banks, in settlement of a multimillion dispute in international arbitration.
Since change of VAB Bank shareholders in 2011 and acquirement of a share in the capital of Bank by Oleg Bahmatyuk, the question of misappropriation of funds exceeding 1 billion UAH by Sergey Maksimov, former minority shareholder, remains unsolved. This amount was withdrawn from the VAB Bank during 2005-2009 in the form of loans to enterprises under Mr. Maksimov’ control.
The team of ILF Integrites was involved by VAB Bank in the dispute resolution process at the stage of open conflict between Sergey Maksimov and the board of the Bank. In the course of representing the client in the High Court of England and Wales on January, 16, 2013 Integrites succeeded to achieve worldwide freezing order (WFO) for Mr. Maksimov’ assets totaling to over $80 mln. WFO was the first judgment in the international arbitration practice against the Ukrainian respondent applied primarily to the Ukrainian assets. On February, 1 the High Court in London confirmed the decision of the worldwide arrest of all Sergey Maksimov’ assets (see detailed information about this judgment in Ъ).
The project is carried out by the team of ILF Integrites lawyers including Yuriy Korchev, Marta Tsvengrosh and Anton Sotir led by Maksym Kodunov, Counsel of International Arbitration Practice.