RussianLegal Lawyers Managed to Reverse Court Judgments Rejecting RUB 400 mln Worth Asset to Be Returned to Insolvency Estate
The dispute in question concerned a mansion in downtown Moscow ultimately owned by Georgy Bedzhamov, the former board chairman of Vneshprombank.
The bankruptcy-contemplating debtor transferred to a nominal holder the stock of an offshore company under his control through which he owned the mansion. By doing so, the debtor tried to conceal the asset behind a chain of nominal offshore companies and a personality of the individual stock purchaser thus pretending the transaction had been legitimate. Besides, the debtor contrived to have the stock undervalued and sold at an extremely low price of just above RUB 100,000 as if it were at arm’s length. RussianLegal appeared in court representing the financial receiver who filed a claim disputing the transaction.
The trial and appellate courts failed to consider some important circumstances of the case and concluded that there had been no nominal stock purchaser. RussianLegal lawyers appealed against the judgments to the cassation court.
The cassation court agreed with the well-balanced arguments of the financial receiver, overturned the judgments of the lower-instance courts and ordered a review of the case. The cassation court highlighted that there was evidence in the case files proving that the debtor was the owner of the disputed stock, and that it should be taken into consideration by the trial court while reviewing the case.