• 21/02/2024 02:24

VIP clients of the former Alfa-Bank are preparing a lawsuit against Fridman's company

A group of VIP depositors of the former Alfa-Bank Ukraine began preparing the first claim against the Cyprus company Mikhail Fridman and partners ABH Ukraine due to debts on bonds, which were an analogue of a deposit in foreign currency, the probable amount being 50-100 million dollars. It is noted that the expected time frame for going to court is the next 3-6 months. Forbes writes about this.

VIP clients of the former Alfa-Bank are preparing a lawsuit against Friedman's company

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“Even before the Russian invasion, for several years, ABH Ukraine raised funds through corporate bonds in foreign currency, which Alfa-Bank offered to its wealthiest clients as an alternative to a deposit. Among them are individuals and large Ukrainian companies. Total liabilities are approximately $400 million. Now they are not being serviced,” writes the publication.

Two lawyers, whose clients were considering going to court, told the publication about the start of the preparatory process for filing a class action lawsuit from some of the owners of these securities.

“Two more unrelated investors noted that they were familiar with such an initiative, not asking whether they will join her. All four interlocutors spoke on the basis of anonymity,” writes Forbes.

“ABH Ukraine (ABHU) was ready to fulfill its obligations, but after nationalization, Sense Bank lost its main asset. ABHU is in constant negotiations with bondholders on restructuring,” the company responded to the publication’s request.

According to Forbes, the decision of some investors of the former Alpha to go to court was indeed preceded by numerous correspondence, conference calls and attempts agree among themselves to unite for the sake of a single process.

Recall that ABH Holdings SA, which was the nominal owner of Suns Bank, is preparing a lawsuit against Ukraine and demands compensation for the forced nationalization of the financial institution in the amount of $1 billion.

To the topic: How are courts with Russians dangerous for Sense Bank and Ukraine


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