Edwin Coe has been advising bondholders in Vostochny Bank (often translated to Orient Express Bank) and is pleased to have resolved issues relating to the bonds held by investors in Orient Express Bank with the purchase of shares from the key shareholders in Vostochny Bank by Sovcombank. The acquisition of Vostochny follows the acquisition by Sovcombank of MetLife Russia earlier this year.

David Greene, partner in Edwin Coe LLP said “Vostochny Bank (often referred to as Orient Express Bank) has been mired in controversy since U.S. investor Michael Calvey, the founder of private equity group Baring Vostok, was detained along with other fund executives in 2019 after state investigators accused them of embezzlement related to the bank.

“The issue the bondholders had was unrelated but turned on a change to the terms of the bonds. With claims of US$75 million the issue looked set for litigation in London but discussions between the parties lead to resolution and the bondholders reached agreement on terms that are wrapped up in the acquisition of Vostochny by Sovcombank. This is a great result for the Edwin Coe team in their continuing work for major Russian clients.

The litigation was handled by the Group and Finance litigation team at Edwin Coe LLP, led by Senior Partner David Greene and Senior Associate Fred Sheppard.


About Edwin Coe

Edwin Coe is a London-based full service law firm with international reach. Since 1913, we have offered a comprehensive range of integrated legal services to meet the needs of individuals, organisations and businesses based throughout the UK and internationally. Our industry-leading experts provide our clients with highly personal and responsive advice, balancing profit and purpose, to help achieve their personal and business goals.

With 39 Partners, we are ranked 115 in the current edition of The Lawyer’s ‘UK 200’ law firms and are recommended in all the major legal directories. We are proud to be B Corp™ certified, part of a global community of businesses working to redefine success in business, and create a more inclusive and sustainable economy.

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