CL-2021-000649 - [2025] EWHC 1333 (Comm)

Mr Marinichev referred (under the heading “Transfer of [SWRO’s] assets to the authorised capital of [RSM] and the further transfer of these assets”) to the April 2012 ACVR Judgment and stated that “it follows” from that Judgment that the assets comprising the SWRO Capital Contribution were transferred to IRD. Mr Marinichev did not mention that the ACVR had (as the basis of its decision) determined that the SWRO Capital Contribution had never been found to be unlawful and that IRD was a bona fide purchaser.

The Claimants’ complaint is as follows:

“As a consequence of the matters summarised above, the Explanations Document conveyed the meaning that (a) assets originating from SWRO had been unlawfully transferred from RusSpetsMash to Mr Gerasimenko’s companies (via transfers to IRD and subsequently from IRD to ORT), and (b) assets originating from VMZ had been unlawfully transferred from RusSpetsMash to Mr Gerasimenko’s companies (via transfers to IRD and subsequently from IRD to ORT)”

Again, VTBC say that there nothing factually incorrect in the document in this regard and the note does not bear the imputation alleged.