The Moscow Arbitration Court decided to recover 959 thousand dollars from JSC “State Transport Leasing Company” (“GTLK”) in favor of Mikhail Alexandrovich Tarasov, a resident of Moscow.
GTLK is the market leader in the segments of leasing aircraft, railway equipment, water and urban passenger transport, the company is headed by former Minister of Transport Yevgeny Dietrich.
Judging by the court’s materials, Mikhail Tarasov, through UBS Switzerland AG, acquired Eurobonds of GTLK’s Irish subsidiary, GTLK Europe, for $800,000 in 2018 and 2019. At the same time, GTLK acted as the guarantor for these Eurobonds.
Each bond with a nominal value of $1,000 assumed the payment of coupon income to its holder at a rate of 5.125% per annum twice a year on May 31 and November 30, starting from November 30, 2017.
Income payments were steady, but only until February 2022, when GTLK was added to the EU sanctions list.
In 2023, GTLK even stated that the blocking sanctions of the United States, the European Union and the United Kingdom led “to the actual freezing of the business and accounts of GTLK Europe Capital DAC and GTLK Europe DAC, which accounted for 30% of the assets of the GTLK Group of Companies.”
In court, GTLK objected to the satisfaction of Tarasov’s claims, stating that his rights to Eurobonds were accounted for in a foreign depository and were not accounted for by Russian depositories.
However, the court sided with Tarasov who bought the bonds and recovered from GTLK in favor of Mikhail Tarasov $ 800,000 worth of bonds, income on them and interest for using other people’s money in the total amount of 959 thousand dollars.
The court’s decision is available in the database of the arbitration court.
