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COBALT secures recognition in Latvia of the High Court judgement for EUR 14.8M recovery

2017-09-27

On 30 August 2017 the Supreme Court of Latvia passed a judgment whereby the rights of COBALT client, Otkritie Capital International Ltd.  to recover in Latvia almost 14.8 million euros were recognized.

Three years ago the High Court of Justice of England satisfied a claim by Otkritie Capital International Ltd. for recovery of more than 150 million U.S. dollars related to fraudulent conduct of the company’s former employees. Simultaneously with an application for  recognition of the High Court judgement against one of the defendants, a Latvian citizen, COBALT requested the Supreme Court to secure the claim by entering a pledge rights notation in the  the Land Register on the properties of the defendant. The Supreme Court satisfied the request and as a result the client will be able to recover at least a part of the sum awarded by the High Court .

Otkritie Capital International Ltd. is one of the leading brokerage companies in London with prime services, equity, equity derivatives, fixed income, FX & IR, commodities and research.

The client was advised by specialist counsel Sergejs Rudāns and senior associate Līga Fjodorova