In a turning point that reads like a thriller from a John Grisham novel, the Court of Appeal has given a nod to two Russian state-backed banks to charge ahead with their colossal $850 million fraud lawsuit against Russian magnate, Boris Mints.
Russian Banks $850M Fraud : A Glimpse into the Legal Labyrinth
Boris Mints, a titan in the Russian business arena, and his offspring find themselves ensnared in accusations of siphoning off hundreds of millions. The two aggrieved banks, PJSC National Bank Trust and PJSC Bank Otkritie Financial Corp., were cleared to proceed with their legal onslaught.
In a backdrop marked by the looming shadow of British sanctions, the English appellate court underscored that these sanctions don’t pull the reins on pursuing a lawsuit or halt the courts from tipping the scales in favor of sanctioned entities.
In a sentiment echoing through the marbled halls of justice, Justice Julian Flaux penned, “None of the Russia sanctions cut the lifeline to the courts. The Sanctions and Anti-Money Laundering Act is built on the principle of civil proceedings moving to judgment.”
The Scales of Justice Tilt
Adding another layer of complexity to this intricate web, Britain’s monetary watchdog, the Office of Financial Sanctions Implementation, was highlighted as the potential knight in shining armor, with the power to grant licenses to the banks. This would, in the twisty corridors of law, allow the banks to foot Mints’ legal bill if the tycoon clinches a victory.
