JSC Mezhdunarodniy Promyshlenniy Bank & Anor v Pugachev & Ors [2015] EWCA Civ 906

Wills & Trusts Law Reports | December 2015 #155

In 1992 Mr Pugachev founded the first claimant bank (Mezhprom). In November 2010 the Moscow Arbitrazh Court declared Mezhprom to be insolvent, opened liquidation proceedings and appointed the second claimant (the DIA) as liquidator. On 25 January 2011 the Russian authorities began a criminal investigation with regard to the insolvency of Mezhprom and three days later Mr Pugachev fled Russia. On 2 December 2013 the claimants began proceedings against Mr Pugachev in the Moscow Arbitrazh Court.

On 11 July 2014 Henderson J granted a worldwide freezing order without notice in aid of th...

JSC Mezhdunarodniy Promyshlenniy Bank & Anr v Pugachev [2015] EWCA Civ 139

Wills & Trusts Law Reports | July/August 2015 #151

In the early 1990s, Mr Pugachev founded the JSC Mezhdunarodniy Promyshlenniy Bank (the bank) in Russia. It became one of Russia’s largest privately owned commercial banking groups. On 4 October 2010, the Russian Central Bank revoked its banking licence and appointed a ‘temporary administration’ and on 30 November 2010 it was declared insolvent by the Russian court and placed into temporary administration. The state corporation ‘Deposit Insurance Agency’ (the DIA) was appointed as liquidator. Mr Pugachev left Russia for London in 2011. The Russian liquidation of the bank was recognised by...

JSC Mezhdunarodniy Promyshlenniy Bank & anr v Pugachev & ors [2014] EWHC 3547 (Ch)

Wills & Trusts Law Reports | March 2015 #147

This concerned an application by the trustees of five discretionary trusts of which the defendant was a discretionary object. The defendant was the founder of the first claimant, a Russian bank (the bank). The bank had subsequently gone into administration and the second claimant, a Russian state organisation (the DIA), had been appointed as its liquidator. The DIA sought to enforce various claims against the defendant in Russian and English proceedings. The sums involved were in the order of $2.2bn.

At a hearing before Henderson J on 11 July 2014 a freezing order was made agains...