Mishcon de Reya's Fraud Defence Group has successfully struck out a High Court claim brought by Russian state-owned oil company PJSC Tatneft against four Ukrainian businessmen over allegations they misappropriated more than US$334 million owed from a major oil transaction.
The claim arose out of a refusal by a Ukrainian oil refinery UTN to pay the claimant for oil delivered in 2007. Mishcon de Reya was one of four law firms representing the individual defendants. In striking out the claim, Mr Justice Picken agreed that it had “no real prospect of success” as it was clear from the outset that Ukrainian finance company UTN was never going to pay for the oil. The judge also discharged a worldwide freezing injunction set at US$380 million.
The Mishcon de Reya team included Annabel Thomas, Hannah Blom-Cooper, Jessie Bridgett, Liz Fox, Megan Ludwig, Dino Papaevripides, Magdalena Evstratenkova and Mohammed Nazeer – both paralegals - and Bethany Histed.
Ken MacLean QC and Owain Draper of One Essex Court acted as counsel.
The judgment is available here.