Banking
Posted: 3 weeks ago

High Court Strikes out Claim Against BGEO Group

Bank of Georgia Group PLC announces that as of 21 April 2021 in proceedings #CL-2018-00026 before the High Court of England and Wales, where Roman Pipia claimed US$ 286,499,892.00 as damages from BGEO Group Limited, a subsidiary of Bank of Georgia Group PLC, the Claimant's claim has been struck out and dismissed in its entirety pursuant to an Order made by Mrs. Justice Cockerill D.B.E. on 19 April 2021.

Defendant, which was represented by Sonia Tolaney QC and Freshfields Bruckhaus Deringer LLP in these proceedings, intends to request reimbursement of its costs on an indemnity basis.

 The strikeout represents the conclusion of all proceedings related to the foreclosure by JSC Bank of Georgia against the assets of Rustavi Azoti LLC. A linked dispute launched before the Georgian Courts by the East-West United Bank S.A, Agrochim S.A. and Sistema Holding Limited against JSC Bank of Georgia, JSC BGEO Group (both subsidiaries of Bank of Georgia Group PLC), and others, requesting damages of approximately US$ 93.6 million or restitution, was also finalised in favour of the defendants, with the Supreme Court of Georgia upholding the judgments of the two lower instance courts and dismissing the claimants' claims in full on 29 December 2020.