In this first-of-its-kind matter, Aequo successfully represented NCH Capital, an international investment company, in the litigation proceedings regarding the legality of acquisition of the insolvent former Astra Bank.
NCH Capital acquired 100 % of shares of Astra Bank from the Deposit Guarantee Fund of Ukraine in 2015 and relaunched as Agroprosperis. The sale of Astra Bank to an international investor is a landmark success story in the big 2015-2017 Ukrainian banking market ‘cleaning’ campaign.
The claimant, Astra Bank’s former owner, challenged the decision by the National Bank of Ukraine and the Deposit Guarantee Fund to declare Astra Bank insolvent, with the obvious further aim of reversing the transaction under which NCH Capital acquired the bank.
Following a long-lasting and controversial litigation procedure, the Supreme Court, in a precedent-setting judgment, ruled in favour of NCH Capital, confirming the legality of the National Bank and Deposit Guarantee Fund decisions and thus eliminating the risks of challenging the acquisition.