Russian and offshore owners of assets rendered almost impossible to trade are testing exit routes. Read more at straitstimes.com.
LONDON - Administrators of Sova Capital, a collapsed London broker formerly controlled by Russian banker Roman Avdeev, are seeking UK court approval to sell a pile of Russian securities to Avdeev in a complex and novel attempt to shift illiquid Russian assets.by war-related sanctions are testing exit routes a year on from the start of the conflict.
Teneo lawyer Mark Phillips told the court that the portfolio of Russian stocks had become “trapped” inside Sova, which had offered foreign investors access to Russian markets. It went into special administration as a barrage of sanctions hit businesses with Russian ties last year. Teneo last year approached potential buyers of the securities including Goldman Sachs, JP Morgan, Citigroup and distressed debt investment funds but did not receive adequate interest, he added.
Posing an obstacle to Avdeev’s proposal, another Russian creditor of Sova filed an objection to the court on the basis that Avdeev’s credit bid should not be permitted under UK insolvency laws.
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