Association of students and young professionals

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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