EWHC finds Russian bankers liable for balance-sheet concealment scheme
05/02/2020
The England and Wales High Court (EWHC) has ruled that three former shareholders of the Russian bank National Bank Trust were involved in a fraud that led to the bank's collapse.
The three caused the bank to make unsecured loans of billions of rubles to offshore companies secretly controlled by them, and concealed the real position by engaging third parties to create fake beneficial ownership documents (National Bank Trust v Yurov, 2020 EWHC 100 Comm).
The three, who now live in England and the US, were ordered to pay compensation of USD900 million, the bank having obtained worldwide freezing orders over their assets.
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