Asters Successful for Oschadbank in USD 25 Million Dispute

Asters Successful for Oschadbank in USD 25 Million Dispute

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Asters has successfully represented Oschadbank before the Kyiv Commercial Court in a USD 25 million dispute with Cypriot company Opalcore.

Oschadbank is a fully state-owned Ukrainian commercial bank. The bank provides services to approximately 7 million customers.

According to the firm, in 2017, "the funds and securities were withdrawn from the plaintiff's account based on [a] court verdict. Considering that withdrawal to be illegal, Opalcore 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 offenses involving senior officials," Asters informed.

"The opponent may appeal against the court decision, but it is unlikely that they will succeed," Oschadbank Head of Legal Oleksandr Zyma commented.