Courts / Dublin / Report

Strong case Russian firm attempting to frustrate $406m judgement against it, judge finds

Summary

Ms Justice Eileen Roberts extended Mareva orders freezing the assets of Volga-Dnepr Logistics BV, finding a strong case that the Russian-owned logistics firm is attempting to move assets out of Europe to frustrate a US$406m judgement registered by BOC Aviation Limited. The High Court judge clarified the powers of receiver Declan Taite over the defendant's 68.7% shareholding in its Irish subsidiary, Volga-Dnepr (Ireland), which holds estimated US$236m in assets, including three Antonov cargo aircraft in Germany. BOC, represented by Bernard Dunleavy SC and Ross Aylward BL, secured these unopposed interim orders to prevent asset dissipation following a New York Court award against the defendant and its subsidiary for alleged breaches of leasing agreements. The judge noted that while the defendant may challenge Irish jurisdiction, no instructions have been given to bring such a motion. She declined to order specific disclosures from Irish subsidiary directors, deferring that decision until a receiver's report is received when the case returns later this month. The Volga-Dnepr group, with assets of approximately US$3.5bn, is alleged to be headed by Alexey Isaykin, a sanctioned Russian businessman. BOC claims post-invasion restructuring, including a US$126m dividend to a Luxembourg entity, was designed to place assets beyond reach. The matter remains pending the full hearing of BOC's claim.

Who, what, where, when and why

What: Report matter: Strong case Russian firm attempting to frustrate $406m judgement against it, judge finds. Procedural stage: hearing_or_decision

When:

• February 2022 Other
• March 2022 Other
• 2023-07-04 Publication

Why: It was this pattern of activity, which BOC claims began before and during the hearing of the action before the New York court, which lead to its concerns about assets being removed from the defendant in order to prevent BOC from effectively enforcing its judgement. CNI source report

Case subjects

Places mentioned

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Stage Hearing Or Decision

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Read the original CNI report