District Court of Limassol (Republic of Cyprus) has issued an order to arrest the assets of Cypriot holding companies of ICT Group under a claim from UWC seeking damages in the amount of more than 8 billion rubles.
The claim is based on a number of transactions entered into in the period 2015-2018 having features of transactions entered not at arms length basis with a view, as alleged by UWC, to siphon money from the company to ICT Group.
Suspicious transactions have been revealed in the course of a financial forensic of UWC group operations undertaken after TRUST and Otkritie banks became majority shareholders of the company.
“Being one of the main shareholders, TRUST initiated a forensic exercise over UWC group which revealed operations of significant volume which became the basis for the claim aimed at reimbursement of damages caused to UWC. We welcome the court's ruling to block the assets which shall prevent defendants to hide assets or avoid enforcement of the substantive judgement after that is issued. According to our practice, recovery of extracted money is achievable irrespective of the jurisdictions used by the defendants”, as commented by Alexander Sokolov, Chairman of the Board of Directors of UWC, President and Chairman of the Management Board of the National Bank TRUST.