Asters has successfully defended Oschadbank JSC in a dispute based on the claim of Cypriot company Opalcore Ltd for recovery of debt in the amount of USD 25 mln.
In 2017, the funds and securities were withdrawn from the plaintiff's account based on the court verdict. Considering that withdrawal to be illegal, Opalcore Ltd 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 offences involving senior officials. The Asters team developed a strategy to defend the client, represented the client during the court proceedings, prepared necessary procedural documents and advised on the application of the provisions of substantive and procedural law.
"The Asters Litigation Team is an absolute market leader. This is recognised by international legal guides and, what is of the most importance, success they achieve in cases they are involved in. We acted in full compliance with Ukrainian legislation when implementing the court decision to recover the funds to the state budget of Ukraine. Together with the Asters team, we succeeded in the Kyiv Commercial Court that ruled in favour of the bank. Of course, the opponent may appeal against the court decision, but it is unlikely that they will succeed," Oschadbank JSC's Head of Legal Oleksandr Zyma comments on the case.
Oschadbank JSC is a Ukrainian commercial bank with 100% of shares that belong to the state. Providing its services to approximately 7 mln customers, the bank is the second largest bank by financial assets with the biggest number of outlets.
Asters is the largest law firm in Ukraine with offices in Kyiv, Washington D.C., London and Brussels. Chambers Europe 2021 recognizes 23 lawyers of Asters — the largest number of the renowned practitioners in a single Ukrainian law firm.
