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Joint Stock Asset Management Company Ingosstrakh Investments v BNP Paribas SA

Posted on 24/05/2012 · Posted in Arbitration

Enforcement of arbitral awards

The first Defendant had provided the Bank a guarantee for loans from the Bank to the first Defendant’s subsidiaries governed by English law and providing for disputes to be resolved by arbitration in London. The second Defendant managed a trust which held shares in the first Defendant.

An aspect of the loan came under dispute, resulting in the Bank claiming from the first Defendant under the guarantee. Shareholders of the first Defendant, including the second Defendant, claimed in the Russian courts that the guarantee was void. The Bank sought an anti-suit injunction on the grounds that the claim in Russia was vexatious.

The Court of Appeal upheld the anti-suit injunction. It believed that the proceedings in Russia had been commenced to thwart the Bank’s attempts at arbitration.

Link: Joint Stock Asset Management Company Ingosstrakh Investments v BNP Paribas SA [2012] EWCA Civ 644

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