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Russian Bank Bailout Suits Face UK Jurisdiction Challenge

Law360, London (February 26, 2019, 5:06 PM GMT) -- A Russian businessman has challenged two lawsuits brought against him in London by investors claiming approximately $90 million in damages after the bank he founded was forced into administration, telling a court on Tuesday that England lacks the jurisdiction to hear the case.

Alain Choo-Choy QC told the High Court that the investors have “no arguable case” for bringing a suit in England against his client, Dmitri Ananyev, a Russian citizen who lives in Cyprus. The claimants are also Russian and their principal place of business is in their home country, Choo-Choy added.

Nine “VIP clients” of Russian bank PAO Promsvyazbank have demanded £21.6...

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