Posted on: March 28th, 2013
PCB Litigation was featured in Acquisition International on recovery of assets in cross-border business crime. click here to read
PCB Litigation has been retained by a substantial property developer in respect of a multi-million dollar dispute with a major European bank.
PCB Litigation has been retained in respect of possible multi-million dollar claims arising from the steps being taken to remove assets from Laiki Bank pursuant to the Cyprus banking rescue package.
PCB Litigation has been retained in respect of a US$300m shareholder dispute involving allegations of fraud and wrongful corporate steps in a network of offshore companies holding underlying assets in Russia.
It has been announced today that Cyprus will be restructuring two of its largest banks, apparently leading to heavy losses to those who have deposited more than €100,000 in those banks. In advance of that decision, Russian President Vladimir Putin denounced proposals to tax deposit holders as “unfair, unprofessional and dangerous”, whilst Prime Minister Dmitry Medvedev said that such a move would be “just like a confiscation of someone else’s money”. Russian interests are set to lose out substantially, and, indeed, it has been reported that the EU was particularly keen to target Russian money.
Attention is likely to turn now to the question of whether investors are able to claim compensation for failure by Cyprus to provide fair and equitable treatment. One particular route may be arbitration under any applicable bilateral investment treaty. Claims may also be available to investors through the Cypriot Courts, and other States may seek to take action against Cyprus.
PCB Litigation is currently advising a number of banks based in Russia and elsewhere in relation to these claims.
Thomson Reuters have awarded Steven Philippsohn the title of Super Civil Litigation Lawyer in their March 2013 publication.
Financial Fraud, a report produced by the Institute of Chartered Accountants, published an article by Steven Philippsohn on pursuing claims in fraud, particularly relating to finding and freezing assets. Click here to read.
One of PCB Litigation’s cases has featured in the e-commerce law reports. PCB successfully discharged a £100m freezing order and other injunctions because of the failure of the Claimants to provide proper disclosure regarding hacked evidence. Click here to read.