Otkritie International Investment Management Ltd & Ors v Urumov (aka George Urumov) & Ors

Otkritie International Investment Management Ltd & Ors v Urumov (aka George Urumov) & Ors

Credit for recoveries made prior to judgment must be given and appropriated as proposed by the claimants, unless obviously unsustainable. Costs are to be awarded on an indemnity basis but allocated proportionately among defendants. Payment on account of costs is set at £5m. No stay of execution is granted as no sufficient grounds were shown.

Parties
Claimant: Otkritie International Investment Management Ltd; Claimant: Otkritie Securities Ltd; Claimant: JSC Otkritie Financial Corporation; Claimant: Otkritie Bank (JSC); Claimant: Otkritie Finance Ltd; Defendant: Georgy Urumov; Defendant: Denning Capital Ltd; Defendant: Dunant International SA; Defendant: Yulia Balk; Defendant: Ruslan Pinaev; Defendant: Rossmore Corporate Ltd; Defendant: Pleator Holding Inc; Defendant: Sergey Kondratyuk; Defendant: F. O. Firmly Oceans Corporation; Defendant: Vladimir Gersamia; Defendant: Teimuraz Gersamia; Defendant: Templewood Capital Ltd; Defendant: Yevgueni Jemai; Defendant: Jecot S.A.; Defendant: Irina Jemai; Defendant: Vantax Ltd; Defendant: Natalia Demakova; Defendant: Qast International SA; Defendant: Marija Kovarska
Jurisdiction
England and Wales
Judgment Date
14 March 2014
Procedural Posture
Commercial Fraud and Recovery / Post Judgment Consequential Hearing
Outcome
Judgment for claimants with orders as to quantum, costs, and enforcement; no stay granted.
Legal Topics
Fraud, Costs, Interest, Enforcement of Judgments, Credit for Recoveries, Stay of Execution
Civil Procedure Commercial Law Fraud Costs Interest Enforcement of Judgments Credit for Recoveries Stay of Execution

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Parties

Otkritie International Investment Management Ltd

Claimant

Otkritie Securities Ltd

Claimant

JSC Otkritie Financial Corporation

Claimant

Otkritie Bank (JSC)

Claimant

Otkritie Finance Ltd

Claimant

Georgy Urumov

Defendant

Denning Capital Ltd

Defendant

Dunant International SA

Defendant

Yulia Balk

Defendant

Ruslan Pinaev

Defendant

Rossmore Corporate Ltd

Defendant

Pleator Holding Inc

Defendant

Sergey Kondratyuk

Defendant

F. O. Firmly Oceans Corporation

Defendant

Vladimir Gersamia

Defendant

Teimuraz Gersamia

Defendant

Templewood Capital Ltd

Defendant

Yevgueni Jemai

Defendant

Jecot S.A.

Defendant

Irina Jemai

Defendant

Vantax Ltd

Defendant

Natalia Demakova

Defendant

Qast International SA

Defendant

Marija Kovarska

Defendant

Procedural Posture

Commercial Fraud and Recovery / Post Judgment Consequential Hearing

Legal Issues

  1. 1 Quantum of claim against Denning Capital Ltd
  2. 2 Whether certain funds were proceeds of fraud
  3. 3 Appropriation and credit for recoveries prior to judgment

Ratio Decidendi

Credit for recoveries made prior to judgment must be given and appropriated as proposed by the claimants, unless obviously unsustainable. Costs are to be awarded on an indemnity basis but allocated proportionately among defendants. Payment on account of costs is set at £5m. No stay of execution is granted as no sufficient grounds were shown.

Court Disposition

Judgment for claimants with orders as to quantum, costs, and enforcement; no stay granted.

Orders

  • Quantum against Denning Capital Ltd confirmed at US$2,675,000, subject to recoveries.
  • Credit for recoveries to be given and appropriated as per claimants' proposal.