FOR IMMEDIATE RELEASE
4 February 2021 // DUBLIN – IRELAND
In the latest in the ongoing dispute between the majority shareholders of Russian company TogliattiAzot and activist minority shareholder United Chemical Company Uralchem (UCCU), today the Irish High Court in Dublin began an injunction hearing. The hearing, expected to last three weeks, will determine the results of a 15 July 2020 application by Plaintiffs asking the Court, inter alia, to enjoin UCCU from any efforts to enforce against the Plaintiffs the civil judgment entered against the Plaintiffs (and other defendants) on 5 July 2019 in the sum of approximately USD 1.2 billion (the “Russian Judgment”).
As covered by international press and described in the complaint filed by the Plaintiffs in their 2016 filing at the Irish High Court, the majority shareholders of ToAZ allege that the Russian Judgment is part of a decade-long series of vexatious litigation and raiding attempts led by UCCU and its owner, Dmitry Mazepin. The Plaintiffs allege that they have been damaged in an amount of at least USD 2 billion.
This latest hearing comes as a result of UCCU’s withdrawal of a 2019 undertaking agreed to by all parties. The undertaking prevents UCCU from taking any action to enforce the Russian Judgment against the Plaintiffs pending the determination of the proceedings or a determination of the (still-pending) jurisdiction challenge in Uralchem’s favour in the Irish High Court. UCCU was permitted to give notice of its intention to terminate the undertaking, which it did by letter to the Plaintiffs’ solicitors on 16 June 2020. According to the terms of the undertaking, the 15 July 2020 injunction application allows the undertaking to remain in place until the High Court determines the result of the injunction application being heard today.
Further determination by the High Court in the proceedings are filed under case number 9981P/2016 in the Irish High Court.
