BGP Litigation's Dispute Resolution and Bankruptcy team has successfully represented RUSNANO in a landmark dispute, recovering over RUB 5.6 billion in corporate losses from the company's former executive board members. The case involved claims for joint and several liability arising from the financing of a plastic electronics investment project aimed at developing flexible tablet technology and constructing a production facility in Russia.
The project was funded over a long period without adequate risk assessment and in breach of internal procedures. Irrecoverable investments totalled more than RUB 11 billion and USD 50 million.
BGP Litigation's team developed a comprehensive legal strategy, analysing a substantial volume of corporate, financial, and source documents spanning 17 years. They reconstructed the chronology of key management decisions, with a particular focus on demonstrating the continuous nature of the violations and overcoming potential statute of limitation defences.
During the proceedings, the team successfully obtained interim measures against the defendants' assets up to the value of the claims. The court upheld RUSNANO’s position and satisfied its claims in full, ordering the former executives to jointly and severally pay over RUB 5.6 billion in damages.
This outcome sets a significant precedent for holding company executives accountable for unreasonable management decisions. The ruling is crucial for both RUSNANO, enabling it to recover substantial invested funds, and the broader market, reinforcing the standards of liability for governing bodies in high-risk investment activities.
The BGP Litigation team was led by partner Vladimir Efremov and included counsel Vladimir Klimenko, senior associate Anastasia Chernykh, associate Igor Kunitsyn, junior associates Polina Lobodova and Alina Sheluntsova, and paralegal Evgenia Ant.
