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.”
About Edwin Coe
Edwin Coe LLP is a full service law firm based in the heart of London’s historic legal district in Lincoln’s Inn. Founded in 1913, we have grown from our litigation origins to become a thriving and dynamic practice, providing a comprehensive range of legal services to meet the needs of a wide variety of businesses, individuals and organisations based throughout the UK and internationally.
With 43 Partners, we are ranked 115 in the 2022 edition of The Lawyer ‘UK 200’ law firms and are recommended in all the major legal directories. We provide clients with innovative, tailored and integrated legal services and combine a highly personal and responsive service with industry leading expertise.