VIS Trading Co Ltd v Nazarov & Ors [2013] EWHC 491 (QB) (27 March 2013)

VIS Trading Co Ltd v Nazarov & Ors [2013] EWHC 491 (QB) (27 March 2013)

Judgment for damages is entered against Mr Nazarov for US$12,266,522.53 and against Ansol for US$25,070,064.06. Interest is awarded at 2.25% above 6 month US$ LIBOR. VIS is awarded 90% of its costs against Mr Nazarov and Ansol, with Ansol alone liable for costs relating to claims against SIB and Mr Neverov. Applications for permission to appeal by Mr Nazarov and Ansol are refused. A stay of execution is granted pending any appeal, with a payment on account of costs ordered.

Citation
[2013] EWHC 491
Parties
Claimant: VIS Trading Co. Ltd; First Defendant: Avaz Saidovich Nazarov; Second Defendant: Ansol Limited; Third Defendant: Open Joint Stock Company Sotsinvestbank; Fourth Defendant: Dimitry Neverov
Jurisdiction
England and Wales
Judgment Date
27 March 2013
Procedural Posture
Commercial Contract and Tort Claim / Post Trial Ruling on Quantum, Interest, Costs, and Consequential Matters
Outcome
Judgment for claimant with damages, interest, and costs; permission to appeal refused; stay of execution granted
Legal Topics
Damages, Interest on Judgments, Costs Orders, Breach of Contract, Permission to Appeal, Stay of Execution
Commercial Law Contract Law Tort Law Civil Procedure Damages Interest on Judgments Costs Orders Breach of Contract +2 more

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Parties

VIS Trading Co. Ltd

Claimant

Avaz Saidovich Nazarov

First Defendant

Ansol Limited

Second Defendant

Open Joint Stock Company Sotsinvestbank

Third Defendant

Dimitry Neverov

Fourth Defendant

Procedural Posture

Commercial Contract and Tort Claim / Post Trial Ruling on Quantum, Interest, Costs, and Consequential Matters

Legal Issues

  1. 1 Appropriate quantum of damages against Mr Nazarov and Ansol
  2. 2 Proper calculation and rate of interest on US dollar awards
  3. 3 Entitlement and apportionment of costs

Ratio Decidendi

Judgment for damages is entered against Mr Nazarov for US$12,266,522.53 and against Ansol for US$25,070,064.06. Interest is awarded at 2.25% above 6 month US$ LIBOR. VIS is awarded 90% of its costs against Mr Nazarov and Ansol, with Ansol alone liable for costs relating to claims against SIB and Mr Neverov. Applications for permission to appeal by Mr Nazarov and Ansol are refused. A stay of execution is granted pending any appeal, with a payment on account of costs ordered.

Court Disposition

Judgment for claimant with damages, interest, and costs; permission to appeal refused; stay of execution granted

Orders

  • Judgment against Mr Nazarov for US$12,266,522.53 plus interest
  • Judgment against Ansol for US$25,070,064.06 plus interest