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Asters Successful for Oschadbank in USD 25 Million Dispute

Asters Successful for Oschadbank in USD 25 Million Dispute

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Asters has successfully represented Oschadbank before the Kyiv Commercial Court in a USD 25 million dispute with Cypriot company Opalcore.

Oschadbank is a fully state-owned Ukrainian commercial bank. The bank provides services to approximately 7 million customers.

According to the firm, in 2017, "the funds and securities were withdrawn from the plaintiff's account based on [a] court verdict. Considering that withdrawal to be illegal, Opalcore filed a claim against the bank. Following long-lasting proceedings, the Kyiv Commercial Court dismissed the claim."

"The case relates to one of the first instances of taking special confiscation measures such as penalties imposed by courts for corruption offenses involving senior officials," Asters informed.

"The opponent may appeal against the court decision, but it is unlikely that they will succeed," Oschadbank Head of Legal Oleksandr Zyma commented.

Ukraine Knowledge Partner

AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com


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