Mayer Brown Guides Ashurst to Victory in $70M Securities Dispute
An Austrian bank had sought to lift legal privilege on correspondence between Ashurst and its client concerning the transfer of funds.
January 28, 2020 at 05:37 AM
2 minute read
Ashurst
Ashurst won a dispute with Austrian-headquartered investment bank, Raiffeisen Bank (RBI), over a case concerning millions of pounds worth of securities.
The bank had appealed a previous ruling to lift legal privilege related to correspondence between Ashurst and its client concerning the transfer of client funds.
Handing down his judgment, Lord Justice Males ruled that the correspondence between Ashurst and its client was still subject to privilege.
The quarrel related to a two-part financial transaction between the Austrian bank and Asia Coal Energy Ventures (ACE), which was backed financially by Ashurst's client, an Indonesian firm called PT Sinar Mas Multiartha TBK.
ACE refused to complete the second part of the transaction, relating to $70 million of securities on some loans, claiming that there were various "deliverables" due from the bank.
As part of a wider dispute, Raiffeisen Bank had looked to lift legal privilege concerning documents and correspondence related to instructions provided by Siner Mas to Ashurst regarding the transfer of funds for the transaction.
Mayer Brown acted for Ashurst in the litigation, with partner and head of insurance William Glassey advising the law firm on the litigation.
Raiffeisen Bank meanwhile was represented by Stephenson Harwood, with partners Stephen Davis and Richard Gwynne advising.
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