Natural Justice In Focus: Sergey Taruta v VTB Bank

The Eastern Caribbean Court of Appeal recently handed down its latest decision in the Sergey Taruta v VTB Bank litigation, setting out important principles of natural justice as they apply in the British Virgin Islands (the "BVI").

Maples and Calder, the Maples Group's law firm, represent Mr Taruta in these proceedings.

Background

Mr Sergey Taruta, a Ukrainian businessman and politician, was one of two guarantors for loans provided to a Russian plywood mill, Eniseisky, by VTB Bank. In 2013, VTB Bank initiated proceedings in the Meshchansky District Court in Moscow seeking US$30 million from Mr Taruta on the basis he and his co-guarantor violated their obligations under the guarantee.