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.