NEWS (December 29, 2021)

Asters defended Oschadbank

Asters 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 million.

In 2017, the funds and securities were withdrawn from the plaintiff's account based on the court verdict.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.

Oschadbank JSC is a Ukrainian commercial bank with 100% of shares that belong to the state. Providing its services to approximately 7 million customers, the bank is the second largest bank by financial assets with the biggest number of outlets.

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