Bank St Petersburg PJSC v. Vitaly Arkhangelsky
On 9 May 2018, the English High Court of Justice ruled that Russian shipping businessman Mr.
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Vitaly Arkhagelsky is liable for a series of debt guarantees and dismissed his counterclaim in the long-running case brought by the Bank St. Petersburg and its CEO Mr. Alexander Savelyev. Mr. Arkhangelsky originally had charges brought against him for debt recovery over money lent to Oslo Marine Group (OMG) which he owned at the time.
The debt was thought to have totaled roughly £20m plus interest before OMG ran into financial difficulties and agreed on an extension for its repayments.
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OMG then defaulted on its loans, which led to the bank seeking to recover its losses against OMG’s assets.
The Bank St. Petersburg brought a claim against Mr. Arkhangelsky, his wife Ms. Julia Arkhangelskaya and OMG in an attempt to recover debts owned by OMG. A counterclaim was brought by Arkhangelsky’s lawyers which alleged that the bank had engineered this debt through buying and selling it through “sham” auctions between itself and friendly parties. The High Court dismissed the counterclaim in its judgment.
Mr. Justice Hildyard judged on the case.
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The judgement is available here:
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