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Lidings represents a group of Chinese companies in dispute against large Russian commercial bank

March 2013

Lidings law firm advising foreign business in Russia, being a recognized leader among legal advisors in dispute resolution in the country represents a large Chinese manufacturing company Shenzhen Richeswin Development Co., Ltd in a dispute related to debt collection for unpaid letters of credit from a Russian commercial Open Bank (Bank «Otkritie»).

Well known situation with Bank East European Financial Corporation (EEFC) related to illegal actions of its former management, which has become an assignee of the Open Bank as a result of its reorganization, has affected a group of large Chinese manufacturing companies that have not received proper payment for irrevocable letters of credit open in the bank EEFC back in 2008.

As pointed out by Partner and Head of Dispute Resolution practice at Lidings Andrey Zelenin coordinating a team of experts representing Shenzhen Richeswin Development Co., Ltd that has already advanced in the proceeding and moved its case to appellate court, despite the fact that officially EEFC has long ceased to exist, due to failure of undertaken ​​commitments, that were later passed to the Open Bank, Shenzhen, as well, as other Chinese companies suffered in this case have a full right to satisfy their claims.

Besides Shenzhen Lidings represents three more Chinese companies in their filing analogous complaints to the Open Bank.

Over 30% of Lidings' clients come from Asia-Pacific region, and over 50% of which is comprised of Chinese companies, prominent market leaders in their respective fields: Automotive industry, IT and electronics, Industrial manufacturing and Financial Institutions.

Please read articles dedicated to this issue published on the Kommersant newspaper's website as of 02.26.2013 and 02.28.2013.

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