$2 billion CONSPIRACY and DISHONEST ASSISTANCE claim filed in the BVI

Russia's PJSC National Bank Trust has re-filed

• Re-filed a significant conspiracy and dishonest assistance claim and lawsuit in the British Virgin Islands (BVI), seeking over $2 billion in damages from
• Russian businessman Mikhail Shishkhanov and
• A vast network of international entities across England, Hong Kong, Singapore, Switzerland, Uruguay, and the USA.

Background of the Case

• The claim stems from alleged fraudulent activities involving JSC Rost Bank, a predecessor of Bank Trust. Between 2013 and 2017, Shishkhanov, the former owner of Binbank and Rost Bank, was accused of orchestrating a complex scheme involving sham trade finance transactions.
• These transactions were allegedly used to dissipate funds through offshore companies and international commodity traders.

Key Allegations

• Trade finance abuse: Binbank issued trade finance to major traders like Cargill, Louis Dreyfus, Bunge, and others, who then redirected the funds to offshore entities linked to Shishkhanov.
• Shadow transactions: These funds were cycled through multiple shell companies, with no actual commodities being traded.
• Financial manipulation: Binbank allegedly masked the true nature of these transactions by recording them as legitimate, thereby inflating its financial health.
• Rost Bank losses: Rost Bank ended up bearing the financial burden, as it did not receive repayments from the offshore entities.

Entities Involved

The lawsuit names over 30 entities, including:

• Offshore companies in the BVI (e.g., Crambe Asset Holdings, Rabalo Limited)
• Commodity traders in the USA (e.g., Cargill Inc.), Switzerland (e.g., Bunge SA), England (e.g., Liberty Commodities), and Singapore (e.g., Quadra Commodities Singapore)
• Financial institutions like Credit Suisse AG.

Legal Strategy

Bank Trust, now the legal successor to Rost Bank, is pursuing claims of:

• Conspiracy
• Dishonest assistance
• Fraudulent misrepresentation

The case is being heard in the British Virgin Islands High Court and is part of a broader effort by Bank Trust to recover losses and hold accountable those allegedly involved in the scheme.

Long read

• PJSC National-Bank Trust (“Bank Trust”) has filed a lawsuit in a British Virgin Islands court against major international traders and offshore companies linked to Mr. Mikhail Shishkhanov, the former owner of large private banks PJSC B&N Bank (“Binbank”) and JSC Rost Bank (“Rost Bank”), whose actions, according to  Bank Trust, caused it financial damage amounting to over $1 billion. 
• Between 2013 and 2017, as Bank Trust claims, Mr. Shishkhanov conspired with traders from international agricultural and commodity trading companies, such as Cargill, Louis Dreyfus, Bunge, Quadra, Xangbo and  Liberty Commodities, to conceal transfers from Binbank that were intended to dissipate funds in violation of financial regulations. 
• According to the claim, Binbank provided funds to the international traders in the form of trade finance. These traders subsequently redirected the funds in shadow transactions to offshore companies connected to Mr.  Shishkhanov.
• The traders then paid back the money they owed to Binbank under their trade finance agreements (usually within 6-12 months) using funds the bank gave them through separate loans to Rost  Bank, which were moved to traders via a series of other shadow transactions with various other companies.  The money provided through Rost Bank was never returned to Rost Bank itself. 
• According to Bank Trust, the international traders were aware of the fraudulent nature of the transactions and wilfully participated in the illegal schemes, while assuming no financial risks and receiving commissions.
• The traders also appear to have deliberately concealed the true motives behind their transactions under the guise of buying and selling commodities, such as grain or crude rubber. In fact, according to the claim, no actual goods were shipped. 
• The trade finance transactions between Binbank and the traders appeared to be settled correctly in Binbank’s records, and the actual asset dissipation that happened through those transactions was not detectable from  Binbank’s accounts.
• At the same time, Rost Bank gradually increased the amount of its indebtedness to  Binbank but did not receive any repayments from the offshore companies to which it transferred the funds. 
• As a result, this scheme allowed Binbank to manipulate its financial statements by displaying in its records the high credit ratings of its nominal counterparties (well-known, reliable traders) instead of the credit ratings of its actual counterparties (offshore shell companies). 
• In September 2017, Binbank and Rost Bank were placed under temporary administration by the Central Bank of the Russian Federation, which had to provide funds to Rost Bank to enable the latter to return money to  Binbank.
• As a result, Rost Bank incurred the main financial damage from the scheme as it had to recognise the losses it incurred from transactions with its relevant counterparties. As the legal successor to Rost Bank under Russian law, Bank Trust has the legal standing to claim damages incurred by Rost Bank. 

References

National Bank Trust PJSC v. Mikail Shishkhanov et al: Claim Form ($2B ... https://www.offshorealert.com/national-bank-trust-pjsc-v-mikail-shishkhanov-et-al-claim-form-2b-rost-bank-fraud-2025/

Bank Trust sues Cargill and Louis Dreyfus for fraud scheme worth over ...https://thedailybrit.co.uk/bank-trust-sues-cargill-and-louis-dreyfus-for-fraud-scheme-worth-over-1bln/

Bank Trust Sues Cargill, Louis Dreyfus and Other Major Commodity ...https://europeanbusinessmagazine.com/business/bank-trust-sues-cargill-louis-dreyfus-and-other-major-commodity-traders-for-over-1-bln/