A London High Court trial heard allegations this week that Bank St Petersburg (BSP) used fraudulent methods to sell Oslo Marine Group (OMG) companies to related firms.
BSP claims OMG owner Vitaly Arkhangelsky is liable for $90m in loan guarantees that he defaulted on, while the Russian businessman is counterclaiming for damages of $500m. The bank denies it illegally appropriated OMG assets.
