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Ilyashev & Partners Law Firm Received the Award of the ICAC at the UCCI in Favor of the Client regarding USD 120 mln Loan

News date: 29 January 2016


The lawyers of Ilyashev & Partners Law Firm successfully defended BTA Bank (Kazakhstan) in the International Commercial Arbitration Court (ICAC) at the Ukrainian Chamber of Commerce and Industry in six arbitrations regarding imposition of enforced collection on the pledged items for loans granted by the Bank to Hendy Assets Limited.

The court recognized ownership of the Bank to different pledged property – shares, stocks, property rights – regarding USD 120 mln loan funds granted earlier.

The cases inter alia were complicated by the fact that the debtor – Hendy Assets Limited, registered in the Republic of Seychelles, – was liquidated, which made impossible imposition of enforced collection on the pledged items owned by the third parties – property surety providers. In this regard, Ilyashev & Partners Law Firm filed on behalf of the Bank the relevant lawsuit to the Supreme Court of Seychelles, which was satisfied.

“The ICAC arbitrators understood these difficult cases perfectly. Arbitration proceedings are the next step to effective compensation for damages caused by fraudulent acts committed in several countries by Mukhtar Ablyazov, a former shareholder of BTA Bank Kazakhstan, and his accomplices, totaling more than USD 10 bln”, commented Roman Marchenko, Senior Partner at Ilyashev & Partners Law Firm, who has been engaged in the Bank’s projects since 2009.

Offices of Ilyashev & Partners Law Firm in Kyiv and Moscow represent the Bank in several jurisdictions together with the international law firms Hogan Lovells and Freshfields Bruckhaus Deringer.