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James Keyes

Director, Renaissance Capital Investment Management Limited

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«Our management company Renaissance Capital Investment Management Limited provides trust management services to institutional and private investors in respect of their assets. In the summer of 2013 it became known that three suits worth 2 million roubles each had been filed with the Kaliningrad Regional Arbitration Court, in which RCIML was involved as a third party. The dispute concerned the trust management of funds during the last recession. It should be noted that the claim was not brought directly to us but a company affiliated with the plaintiffs, the International Private Investment Foundation (Group of Companies Avtotor, Kaliningrad). At a later stage, the claims under two of the three suits were changed, and our company became a defendant. It became clear to us that initiation of proceedings in Russia was not aimed at getting 6 million roubles from us but a prejudicial ruling in a court ‘convenient’ for the plaintiff. If the court issues the right award of damages, then it will be much easier in the International Court of Arbitration in London to get good money with the award. Our company understands that a Russian court may award an unpredictable judgement in this quite an unusual dispute. So, we were looking for a professional team of lawyers from Kaliningrad that specialises in the judicial protection (arbitration). So, we opted for the Juris Law Firm.The lawyers from the Juris Law Firm were commissioned to prevent RCIML from being found guilty of reducing the investors’ asset value and eliminate any legal proceedings concerning the dispute in a Russian court in principle. Earlier, an agreement on legal proceedings in the International Court of Arbitration in London between the plaintiff investor and RCIML was signed; however, despite that fact the court started to hear the case in Russia.

The lawyers Stanislav Solntsev and Alexander Kushchenko defended the interests of our company in the arbitration courts of three instances. Factors were identified to tip the scales of justice towards either formal observance of the law, which was violated by the court of first instance itself, or the freedom of contract and common sense; and then the court dropped proceedings and suggested that the plaintiffs should apply to the LCIA.

The trial lasted for a little more than 1.5 years, as a result of which the court held that our company had provided investment management services in an absolutely right manner; and with regard to the two other cases the court suggested that the plaintiffs should not mislead the court or abuse their rights but apply directly to the LCIA.

We recommend the lawyers Stanislav Solntsev and Alexander Kushchenko as experts in the field of judicial protection, and now they help us recover the legal expenses incurred by our company in the three cases.

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