In 2023, the Irish fund decided on its future liquidation and the potential distribution of assets to shareholders, but did not take the necessary steps for the actual distribution of assets. As a result, one of the fund's shareholders filed a lawsuit against the depository and sub-custodian demanding the transfer of assets to him. Among other things, the plaintiff claimed that the real reason for the refusal to transfer the assets was the defendants’ compliance with anti-Russian sanctions.

KKMP team was able to convince the Moscow District Arbitration Court that, to date, the real owner of the disputed assets is still the Irish fund, which is in the process of liquidation, and the assets cannot be transferred to the plaintiff without the authorization of the liquidator. Furthermore, the transfer of assets to the plaintiff is impossible in any case due to the current counter-sanctions regulations and the special regime for Type "C" accounts. As a result, in case No. A40-296136/2023, the courts denied the plaintiff’s claims.

Given the evolving approach of the courts to granting the overwhelming majority of lawsuits by investors against foreign banks and depositories, as well as their subsidiaries in Russia, this case is very important for the entire Russian judicial practice concerning disputes related to securities.

The project was led by KKMP Partners Stanislav Dobshevich and Alexander Anichkin. Key support in conducting the litigation was provided by Senior Associates Alexey Chernyshev and Olga Zakharova, Associate Kirill Palushin, and Legal Assistant Grigory Dorofeev.