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Former Novoship managers are on the clock
Those accused of the multimillion dollar embezzlement of Novoship under shipping agreements – former representative of the group in London, Vladimir Mikhailyuk; businessman Yury Nikitin; and well-known Venezuelan businessman Wilmer Ruperti – must pay the shipping company another USD 48 million. A London court has decided that this was the amount in interest from the original amount of USD 170 million that accrued during the court hearings.
As learned from the materials of Sovcomflot state company (the major owner of Novoship), the High Court of London, which ruled on 14 December 2012 that the above-stated individuals must repay USD 170 million, added the additional interest payment resulting from a hearing held on 18 January. The payment is for using monies at the three-month LIBOR rate (average weighted interest rate of interbank credit) plus 2.5%. Artur Zurabyan of ART DE LEX figures that under this formula, the individuals will be required to pay about USD 48 million, of which USD 30 million will be paid as a security deposit to the court; however, the calculations of Sovcomflot cite another amount: the three individuals will pay around USD 97 million. The deputy general director of Sovcomflot, Vladimir Mednikov, notes that the debt “continues to grow as interest compounds on the awarded amount”. The decision has partially come into force and is partially under discussion, days Mr Mednikov. Sovcomflot has already returned more than USD 8 million.
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Mr Zurabyan does not rule out that the defendants could have some additional assets placed under threat of criminal proceedings in Great Britain, for example, the Sibir Energy Plc (owned by Gazprom Neft) dispute with Shalva Chigirinsky. An amicable agreement has been signed in exchange for extinguishing practically all demands.
As learned from the materials of Sovcomflot state company (the major owner of Novoship), the High Court of London, which ruled on 14 December 2012 that the above-stated individuals must repay USD 170 million, added the additional interest payment resulting from a hearing held on 18 January. The payment is for using monies at the three-month LIBOR rate (average weighted interest rate of interbank credit) plus 2.5%. Artur Zurabyan of ART DE LEX figures that under this formula, the individuals will be required to pay about USD 48 million, of which USD 30 million will be paid as a security deposit to the court; however, the calculations of Sovcomflot cite another amount: the three individuals will pay around USD 97 million. The deputy general director of Sovcomflot, Vladimir Mednikov, notes that the debt “continues to grow as interest compounds on the awarded amount”. The decision has partially come into force and is partially under discussion, days Mr Mednikov. Sovcomflot has already returned more than USD 8 million.
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Mr Zurabyan does not rule out that the defendants could have some additional assets placed under threat of criminal proceedings in Great Britain, for example, the Sibir Energy Plc (owned by Gazprom Neft) dispute with Shalva Chigirinsky. An amicable agreement has been signed in exchange for extinguishing practically all demands.