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London Court sent to Russia documents to freeze the assets of Constantine Malofeev

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The Moscow Arbitration Court registered the order of a foreign court against the Company "Marshal Capital". As the "Marker" found out, this is the order of London High Court to pass to "Marshal Capital" the documents related to the freezing of assets belonging to companies of Konstantin Malofeev "Marshall Capital". The London court decided to freeze company's assets in the tune of $200 million in early August as a part of the suit of an English "VTB" subsidiary–"VTB Capital plc"–on the return of credit issued by the company "Nutritek International Corp", whose principal owners are, according to the bank , the structures of "Marshall Capital". The group challenged the decision of the London court, which, as "Marker" found out is to decide on the appeal of "Marshall Capital" at the end of November.

What "Marshall Capital"wants from VTB

As previously reported the newspaper "Kommersant", in 2007, "VTB" granted a loan of about $230 million to "Russagroprom" for the purchase of several dairies in "Nutritek". However, "Russagroprom" did not return the loan and the value of pledged assets (factories of "Nutritek") was less than the loan. Therefore, "VTB Capital", through which the loan was granted, appealed to the English court to recover money from "Nutritek", owned by "Marshall Capital Group" and its head, Malofeev.

As an interim measure in suit of "VTB" High Court in London decided to freeze assets belonging to the group of Malofeev.

How the court papers from London came to Moscow

"Marshall Capital Group" filed an appeal to the High Court in London to challenge the decision to freeze its assets as well as the jurisdiction of the court, that is its right to hear the case on the claim of "VTB". As part of this appeal, "Marshall Capital" is the plaintiff. In turn, as the Group's assets are in Russia, the decision to freeze the foreign court must officially be informed to the person involved in the case through the Russian legal framework. Similarly, through the Russian courts should take place the execution of a foreign court's decision. Thus, the formal procedure required that the High Court in London appealed to the Moscow Arbitration Court to present the relevant documents on "Marshal Capital".

This company is 100% owned by an offshore "MarCap Advisors", included into the group "Marshall Capital". It was as the managing partner of "Mission MarCap Advisors" that Malofeev was a member of the Board of Directors of "Svyazinvest" and "Rostelecom".

Will "Marshall Capital" assets be unfreezed?

To the decision of the High Court all company's assets should be subjected as well as personal ones of Malofeev. Among them - about 8% of the ordinary shares of OJSC "Rostelecom", which are worth today more than $ 1 billion.

As reported to "Marker" in "Marshall Capital", London High Court judge concluded the hearing of the parties in an appeal to challenge the jurisdiction of the court and its decision to freeze assets. Verdict on these issues is expected in late November. Up to this point the decision to freeze assets is in effect. Further development depends on whether at this stage of the process the freezing of assets will be disputed or not.

RusTele.com |

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