District Court of Nicosia, 27 December 2017, Raga Establishment v. Rinat Akhmetov

In autumn 2017, Raga won an arbitration proceeding before the LCIA against SCM Financial Overseas, a Rinat Akhmetov’s company (a Ukrainian oligarch). The award ordered SCM to pay more than $760 million, as SCM only paid $100 million of the expected $860 million to repurchase Ukrtelecom.

On 27 December 2017 (decision published on 3 January 2018), at the request of Raga, a Cyprus district court ordered the freezing of $820.5 million of Akhmetov’s assets. SCM appealed this decision on 8 January 2018.

A hearing of a counterclaim of SCM against the award is to take place in April before the High Court of Justice.

2018-02-18T20:43:57+00:00 December 27th, 2017|Cyprus jurisdictions, District Court of Nicosia|0 Comments

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