A chain of transactions was used to transfer Oslo Marine Group (OMG) assets to firms owned by a former senior manager of Bank St Petersburg (BSP), it was alleged in the London High Court.
The case involves claims by BSP that OMG owner Vitaly Arkhangelsky is liable for $90m in loan guarantees that he defaulted on, while the Russian businessman is counter claiming for damages of $500m — alleging the bank illegally appropriated OMG assets in 2009.
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