BOC Aviation extends freeze over Volga-Dnepr assets

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

The High Court extended freezing orders over Volga-Dnepr Logistics BV on 4 July 2023, after finding a strong case that assets were being moved to frustrate a $406 million judgment.

The orders, sought by BOC Aviation, prevent the Dutch-registered company from reducing its assets below $406 million and remain in place until the court determines BOC’s claim. The judge also continued an order appointing a receiver over the company’s 68.7 per cent shareholding in its Irish subsidiary.

The court found a strong case that assets and cash were being moved out of Europe, including to the United Arab Emirates. The judgment was obtained by BOC in a New York court the previous April.

The ruling was reported on 4 July 2023. The report said the applications were unopposed; the court did not decide BOC’s underlying claim in this hearing.