Artur Zurabyan commented on the dispute between the UCP and Sisal Artis, after the collapse of stock option transaction, regarding shares of Fashion Continent, associated with the family of a former governor

On 8 June 2016, the UCP structured fund, under the ownership of Ilya Shcherbovich, United Capital Partners Selected Assets Limited, registered in Cyprus, filed a lawsuit of USD 150,255 against Sisal Artis Holdings, Inc., registered in the Seychelles, in the Arbitration Court of the Voronezh Region, as noted in the card file of arbitration cases. As stated in the lawsuit, on 27 January 2016, the fund signed an agreement, with the Seychelles company, to be granted the option to buy 132,131 shares of Fashion Continent, which controls the clothing stores Incity and Deseo, or 10 percent of the capital share. At the end of June, the UCP owned 25.97 percent of Fashion Continent, according to its list of those affiliated with the firm.

Typically, a buyer carries out due diligence, prior to the deal, according to Artur Zurabyan, the head of the international litigation and arbitration practice for ART DE LEX. He also noted that, in this case, there is an agreement to provide the option, and based on it, the buyer has the right, without explaining any reasons, not to enter into a contract of sale, risking only the option premium. Zurabyan thinks that, “in this situation, due diligence of the transaction can be postponed, for some parts.”