The Dublin court also granted BOC, which was represented in the action by Bernard Dunleavy SC and Ross Aylward, an order appointing a receiver over the defendant’s 68.7 per cent shareholding in its Irish subsidiary Volga-Dnepr .
The judge declined to make an order requiring the defendant to make certain disclosures about the company’s income, assets and liabilities to the plaintiff. The defendant, counsel said, is an air cargo firm which is at the head of a complex group of logistics companies whose ultimate owner is wealthy Russian businessman Alexey Isaykin, who is the subject of international sanctions following Russia’s invasion of Ukraine in February 2022.The Volga-Dnepr group is believed to have assets of approximately $3.5 billion, $1.5 billion of which are held by the defendant company itself.
The defendant has appealed that decision but did not seek to have a stay placed on the enforcement of the New York judgment. It was this pattern of activity, which counsel said began before and during the hearing of the action before the New York court, which led to his client’s concerns assets were being removed from the defendant in order to prevent his client from effectively enforcing its judgment.
Attainable assets of the Dutch company are already the subject of court orders obtained in proceedings not involving BOC, counsel said.
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Source: IrishTimes - 🏆 3. / 98 Read more »