ABH Holdings S.A. (ABHH) has filed a lawsuit against Ukraine and demands full compensation for the "illegal expropriation" of Sens Bank (formerly Alfa-Bank) by the Ukrainian authorities through "forced nationalization". This is stated in a press release published on the website of ABH Holdings S.A., UNN reports .
Details
It is noted that the lawsuit was filed with the International Center for Settlement of Investment Disputes (ICSID), the world's leading investor-state dispute settlement body under the auspices of the World Bank in Washington, DC (USA).
The claimed amount is over one billion US dollars. The legal basis for the claim is the Treaty between the Belgian-Luxembourg Economic Union and the Government of Ukraine on Mutual Promotion and Protection of Investments
The ABHH noted that the request for arbitration detailed a series of "arbitrary, disproportionate, unjustified and discriminatory steps by Ukraine that led to the expropriation" of the bank through forced nationalization.
By combining the methods of corporate raiding and military speculation, the Ukrainian authorities have illegally seized a bank from its rightful owners, beneficiaries and shareholders, including UniCredit Bank and The Mark Foundation for Cancer Research. ABHH realizes that Ukraine, with no real hope of legitimately winning this arbitration, is engaged in a behind-the-scenes campaign of accusations of various fictitious violations by ABHH shareholders. This is based on the types of groundless and illegal criminal charges that have traditionally been part of the corporate raiding models of the former Soviet states
Context
ABH Holdings S.A. is a private investment holding company (operating mainly through Alfa-Bank, Russia) headquartered in Luxembourg, with investments in banking groups in Ukraine, the CIS and Europe. It is owned by a group of businessmen, including Russian oligarch Mikhail Fridman, who is under sanctions.
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