Otkritie, one of Russia’s largest independent financial groups, was awarded damages of over US$170 million on Monday 10th February 2014 with Mr Justice Eder ruling it was the victim of “a cunning and well-orchestrated fraud”, principally by its former employees.
Instructed by Hogan Lovells (Neil Mirchandani and Neil Dooley), Steven Berry QC, Nathan Pillow and Anton Dudnikov of Essex Court Chambers acted for Otkritie in the 12-week trial in the Commercial Court. The case spanned over 20 jurisdictions including Moscow, London, Paris, Hong Kong, Madrid and Amsterdam.
The Judge held the defendants liable in conspiracy, dishonest assistance, bribery and/or knowing receipt. Much of the misappropriated money was spent on luxury properties in London and Geneva, vintage Ferraris, and a 10-carat diamond ring.
Parallel criminal investigations are underway in England and Switzerland.