Filing a claim was quite predictable, since is the ultimate course of action for “Buduscheye” Non-government Pension Fund. Considering that prior to that a demand letter had been delivered to the bank, the fact that the claim was filed evidences that the parties had failed to reach a settlement.

The claim may succeed since there is an indication of a conflict of interest present with Otkrytiye as the administrator of the Trust bank in terms of selling its own shares to the bank it controls. This may be qualified as both an abuse of right and entering into a dubious transaction. If the court finds to that effect, the defendant will have to satisfy the claim”, commented Taras Khizhnyak, Senior Lawyer, BMS Law Firm.