For several years, the Fund for Protection of Investors ‘ Rights in Foreign States, together with the American law firm Alston & Bird, has been conducting arbitration proceedings to protect a Russian investor who owned the main stake in the illegally nationalized and bankrupt Snoras bank.
In 2019, the Fund filed an appeal to the Federal District Court of New York for disclosure of information about the activities of Simon Frickley (former interim administrator of SNORAS Bank) and against the consulting company AlixPartners LLP. The American court granted the requests and ordered Simon Frickley to provide the Fund with all the necessary information. However, Simon Frickley, together with AlixPartners LLP, filed an appeal to the Second Circuit Court of Appeals.
On July 15, 2021, Yaroslav Bogdanov (Chairman of the Fund’s Board) said that another stage in this high-profile case was decided in favor of the person whose interests the Fund represents. The Second Circuit court of Appeals rejected the appeal filed by the defendant. The Fund will require the execution of the court’s decision, namely, the provision/disclosure of documents, from Simon Frickley and AlixPartners LLP.