ABH Holdings S.A. (“ABHH”) has lost, without adequate compensation, its key financial assets, including Alfa-Bank Russia, valued over USD 7 billion. The loss is due to the inaction of Cypriot and European regulators. Legal action is contemplated.
A recent development was the formation of the arbitral tribunal. Immediately thereafter, ABHH filed a challenge to Prof. Murphy, the arbitrator appointed by Ukraine, on the grounds of perceived bias.
After the 10 April decision by the Court of Justice of the European Union by which 2022 EU sanctions against our two shareholders were set aside, ABHH was contacted by media representatives for comment. We, in turn, contacted our shareholder, Mr. Mikhail Fridman, and asked for his views.
On 10 April 2024, the Court of Justice of the European Union set aside the decision of the European Council of 28 February 2022 imposing sanctions on two minority shareholders of ABHH, Mr. Mikhail Fridman and Mr. Petr Aven.
Last year, Ukrainian Sense Bank, owned by ABHH, became subject to “nationalisation without compensation,” commonly known as theft.
ABH Holdings S.A. (ABHH) hereby reiterates its position regarding the ongoing arbitration proceedings against Ukraine. As previously communicated, ABHH filed a request for arbitration and a statement of claim seeking full compensation, in excess of $1 billion, for the unlawful expropriation of Sense Bank by the Ukrainian authorities.
On 29 December 2023, ABH Holdings S.A. (ABHH) filed a request for arbitration (Request) and a statement of claim against Ukraine in a case that is an acid test of the rule of law in the West. ABHH seeks full compensation for the unlawful expropriation of Sense Bank by the Ukrainian authorities through enforced nationalisation.
The Security Service of Ukraine (SSU) has placed Mr. Mikhail Fridman, one of the minority shareholders of ABH Holdings S.A. (ABHH), on the wanted list. This is but the latest step in the escalation of a dispute over an unlawful expropriation of Sense Bank by the Ukrainian state.
ABH Holdings S.A. (ABHH) and Karswell Limited (Karswell) have terminated the remaining agreements related to the purchase of Sense Bank by the European investor. Karswell was selected by ABHH for its impeccable business reputation and substantial financial resources.