Worldwide arrest of Marshall Capital assets lifted
- Marshall Capital assesses damage from VTB loan fraud case at $500 mln
- London court seeks to extend arrest of MCP managing partner's assets
- Police searches Marshall Capital offices in Moscow
- Rostelecom CEO to be questioned as witness in embezzlement case
- High Court of Justice dismisses VTB's lawsuit against Marshall Capital founder
MOSCOW, March 29 - RAPSI. The international arrest injunction has been lifted against Konstantin Malofeyev's Marshall Capital Fund (MarCap), the fund reported in a statement on Friday.
MarCap's assets, including a 10% stake in the Rostelecom state fixed-line operator, were frozen in August 2011 as part of a fraud case involving a $225 million loan that a VTB Bank subsidiary issued to Russagroprom in 2007 to finance the acquisition of assets from the Nutritek International Corp., a baby food producer registered in the British Virgin Islands.
Russagroprom defaulted on the loan. VTB then claimed that Malofeyev was the actual owner of Russagroprom and Nutritek. The businessman denied the claims.
The UK Supreme Court refused to hear VTB's lawsuit and lifted the arrest injunction. However, VTB said the courts rejection does not annul the prior rulings of Cypriot and
British Virgin Islands courts to arrest the assets, or the restrictions on disposing of the fund's assets imposed by a Cayman Islands court.
All of the restrictions have now been lifted, MarCap said.
The British Virgin Islands court was the last to lift the arrest. The fund's assets in Cyprus have been released as well. In February, the District Court of Nicosia ruled that
the further enforcement of the previous freezing injunction against MarCap would be unlawful following the UK Supreme Court's decision in the VTB lawsuit. The arrest of Malofeyev's assets in the Cayman Islands was lifted in 2012.
"As a result, Malofeyev has fully retrieved the right to dispose of his assets," MarCap said.