Russian Businessman Wins Retrial In Bank Fraud Fight

Law360, London (March 18, 2020, 7:09 PM GMT) -- A British appellate court on Wednesday ordered a retrial of allegations that Bank Saint Petersburg fraudulently stripped a Russian maritime company of its assets, after concluding that the lower court’s standard for dishonesty had been set too high.

The Court of Appeal revived claims brought by the owner of a Russian shipping and construction group, Vitaly Arkhangelsky, accusing the bank of conspiring to raid his business after it ran into financial problems.

The appellate court ruled that Judge Robert Hildyard should have asked whether the “pre-conceived and co-ordinated raid was more likely than not” but instead asked whether a “possible, but...

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