Substantial growth of Ukrainian IT dictates the new level of struggle, leading to legal proceedings in international courts. As an example one such proceeding we can name the BVI court process of Lucky Labs vs. Maxim and Valery Polyakov & Phoenix Holdings.
One of the UK’s principal sets of barristers’ chambers, 3 Verulam Buildings, has recently announced the successful appeal of in a fraud litigation against their former Ukrainian business partner Max Polyakov, founder of Noosphere Ventures. The appeal was led by on behalf of Ukrainian businessmen.
According to the press announcement, the appeal came shortly after 3d of February 2017, when the judge has been wrong in his previous decision to discharge the worldwide freezing order of assets of 1) Maxim Valeriovich Polyakov (2) Valeriy Oleksandrovich Polyakov and (3) Phoenix Holdings Limited, which came into force back in June 2015.
The new judgment of the ECCA provides an up to date analysis of the case that has been previously featured by the US edition The Huffington Post.
Allegedly, the searches may have been masterminded by Max Polyakov, who wanted to wrestle his former business partners – Gilfanov and Tokarev – both off the country and the business.
The Eastern Caribbean Court Appeal among other things found that Gilfanov and Tokarev have a good arguable case against the defendants and that there was a risk of dissipration of assets by the defendants pending outcome of the dispute. Therefore, the court upheld freezing order against (1) Maxim Valeriovich Polyakov (2) Valeriy Oleksandrovich Polyakov and (3) Phoenix Holdings Limited.