15:23 26.12.2017

London court orders arrest of assets of Grigorishin's Energy Standard Group

2 min read
London court orders arrest of assets of Grigorishin's Energy Standard Group

The High Court of Justice of England and Wales has issued an order to arrest the assets of Energy Standard Group of businessman Konstantin Grigorishin as part of an interim measure to enforce the court ruling to pay out more than $300 million to the companies of Vladimir Lukyanenko and Vadim Novinsky, LIGA.net has reported.

According to its data, such a verdict was made on December 20. It concerns, among other things, such Ukrainian companies as Zaporizhtransformator, Turboatom, PJSC Sumy NPO, Ukrrichflot, Zaporizhia Cable Plant, and Svarog Asset Management.

As previously noted on the Global Arbitration News media platform, moderated by Baker & McKenzie, and in the materials of McNAIR Chambers, the essence of the dispute started in 2013 concerned the agreement on the joint venture (JVA) Stremvol Holdings Limited (the Sumy NPO majority shareholder) and the put option contract (for sale). It was signed by the plaintiffs (two companies belonging to Lukyanenko) and the defendants (three companies belonging to Grigorishin). The plaintiffs claimed that the defendants through an "illegal scheme" diverted part of profit from the joint venture to affiliated companies and violated the option obligations, demanding compensation of $55.8 million and $250 million for this respectively. The defendants, in turn, denied the availability of the "illegal scheme" and argued that the defendants could sell their shares at a price not higher than $4 million.

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