Home » Cases » VNESHPROMBANK LLC v GEORGY BEDZHAMOV [2019] EWHC 1430 (Ch)

VNESHPROMBANK LLC v GEORGY BEDZHAMOV [2019] EWHC 1430 (Ch)

PCB acted for the Deposit Insurance Agency, the state liquidator of the collapsed Vneshprombank LLC (“VPB”) in successfully obtaining a £1.34billion worldwide freezing order and associated search order against Georgy Bedzhamov. He, together with his sister, Larisa Marcus, the former President of VPB, is alleged to have committed one of the largest banking frauds in Russia resulting in VPB’s collapse. Following the granting of the worldwide freezing order and search order there were a series of hearings in relation to a number of heavily disputed applications. These included an application by Mr Bedzhamov for an extension of time to make an application to vary or discharge the worldwide freezing and search orders. VPB opposed this application on the basis that the Court had given previous extensions of time to Mr Bedzhamov and the last minute manner in which he had made this application for a further extension. At a hearing on 22 May 2019, Mrs Justice Falk agreed and took the highly unusual step in a case of this magnitude of refusing the extension therefore halting any attempt by Mr Bedzhamov to have either the worldwide freezing order or associated search order discharged or varied.