Interest at 8% will be payable by Sovcomflot on costs due to former director Dmitry Skarga and Novoship chief Tagir Izmaylov.

The two who were accused of corruption in a massive London trial are due reimbursement of legal costs, which has been the subject of a new ruling by London high court judge, Justice Andrew Smith.

Fiona Trust, the London based Sovcomflot company that was one of the main protagonists in the long running legal battle wanted to stop the interest rate clock which began from the 24 March but the judge has refused this application.

Dmitry Skarga
Justice Smith recognised that the 8% per annual interest rate due on the costs under UK legislation was much higher than commercial market interest rates....