LONDON, June 1, 2020 /PRNewswire/ -- District
Court of Limassol (Republic of Cyprus) has issued an order to arrest the
assets of Cypriot holding companies of ICT Group under a claim from
UWC seeking damages in the amount of more than 8 billion
rubles.
The claim is based on a number of transactions entered into in
the period 2015-2018 having features of transactions entered not at
arms length basis with a view, as alleged by UWC, to siphon money
from the company to ICT Group.
Suspicious transactions have been revealed in the course of a
financial forensic of UWC group operations undertaken after TRUST
and Otkritie banks became majority shareholders of the company.
"Being one of the main shareholders, TRUST initiated a forensic
exercise over UWC group which revealed operations of
significant volume which became the basis for the claim aimed at
reimbursement of damages caused to UWC. We welcome the court's
ruling to block the assets which shall prevent defendants to hide
assets or avoid enforcement of the substantive judgement after that
is issued. According to our practice, recovery of extracted money
is achievable irrespective of the jurisdictions used by the
defendants", as commented by Alexander
Sokolov, Chairman of the Board of Directors of UWC,
President and Chairman of the Management Board of the National Bank
TRUST.
PJSC "Research and production corporation "United Wagon
Company" (UWC or the Company) (MOEX: UWGN) is a leading
railway holding focused on design, manufacture and maintenance of
freight cars. UWC's annual production capacity is up to 22,000
freight cars and 90,000 tons of railway castings. The holding
includes JSC "Tikhvin Freight Car Building Plant", JSC
"TikhvinСhemMash", JSC "TikhvinSpetsMash", and LLC "NPC "Springs",
UNICON 1520 (a freight carrier), leasing companies under the
brand of RAIL1520, JSC "TAP "Titran-Express" (a railcar
maintenance company). The Company holds its own research and
development engineering centre. UWC designs and produces freight
cars, according to AAR, UIC and GOST standards. Deutsche Bahn
assigned UWC Q2 quality status.
Website: www.uniwagon.com/en
Instagram: www.instagram.com/uniwagon/
Logo - https://mma.prnewswire.com/media/1175448/UWC_Logo.jpg