News and insights

28 January 2016
The Central Bank of a European Country successfully protected against blatant corporate raiding

The Central Bank of a European country successfully protected in a case on forgery of a share purchase agreement of the Ukrainian asset belonging to the Bank.

Ukrainian courts granted the statement of claim allowing the Bank to re-obtain a full control over the pharmacy chain company in Ukraine.

The Bank faced numerous judicial actions from the group of fraudsters who aimed to obtain control over the pharmacy chain.

The Bank introduced effective legal barriers preventing such actions (e.g. share pledges in favour of the Bank).

In view of preventive actions, the group of raiders made a desperate step by forgery of a share purchase agreement, substituting the Bank’s shareholding in the state register by the foreign offshore company.

Following the registration of a “new shareholder”, one of gang members disguised as a police officer seized and collected the registration file from the state registration service, aiming to destroy evidences of forgery, - the blatant and impertinent action that amazed even the police.

The Bank initiated a criminal case on gross fraud and forgery, as those actions are dealt with by the law of Ukraine. Simultaneously, a series of protection actions were filed with the courts, including the one on enforcement of pledges.    

Due to effective strategy, the fraudsters failed to change the management of the pharmacy chain, and finally failed to prevent enforcement of pledges. The prosecution to be continued.  

The Bank was represented by joint team of EPAP Ukraine led by managing partner Serhii Sviriba, litigation team was led by Counsel Arsen Miliutin, assisted by Associate Anton Sintsov, and WCC team was led by Counsel Sergiy Grebenyuk assisted by Associate Volodymyr Tkachenko

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