Cyprus Court Grants Worldwide Freezing Injunction Against Ruslan Rostovtsev

LONDON, December 6, 2016 /PRNewswire/ --

Important Ruling in Multi-million Dollar Case Brought by Kemerovo Industrialist Alexander Shchukin Against Former Business Partner Ruslan Rostovtsev

The District Court of Nicosia, Cyprus, has granted an application brought on behalf of Russian businessman Alexander Shchukin. The judge granted an interim Worldwide Mareva Injunction freezing all assets belonging to Ruslan Rostovtsev up to the amount of US$113.000.000. The District Court of Nicosia also granted a disclosure order, ordering Mr. Rostovtsev to disclose all documents relating to the nature, location and value his assets. The disclosure order also applies to Abacus Limited, one of the largest professional services companies in Cyprus, in respect of their work for Mr. Rostovtsev.

Alexander Shchukin is claiming damages in the amount of US$113.000.000 against Ruslan Rostovtsev, Abacus Limited and a number of Abacus subsidiaries, as well as other related remedies in respect of the misappropriation of his share in a mining business.

Mr. Shchukin has a proven record of accomplishment in the Russian mining sector, not only in ensuring optimal efficiency in production, but in also demonstrating commitment to safety. Companies under Mr. Shchukin's leadership have invested hundreds of millions of roubles into the upkeep of several mines in Kemerovo Region, while maintaining the highest industrial safety standards in the country.

Responding to the ruling, Constantinos Adamides, Partner in Scordis Papapetrou & Co LLC, lawyers to Mr. Shchukin, said, "We welcome the court's decision in this case. The interim Worldwide Mareva Injunction is a necessary measure to prevent the first Defendant from moving the assets even further out of reach of our client and the courts.  This decision validates our case, and we are hopeful that this freezing order, combined with the disclosure order, will allow us to recover the damage caused to our client."

The case continues (Claim no: 6310/2015 before the District Court of Nicosia, Cyprus).