VTB Capital Plc (Appellant) V Nutritek International Corp and Others (Respondents)
Hilary Term [2013] UKSC 5 On appeal from: [2012] EWCA Civ 808 JUDGMENT VTB Capital plc (Appellant) v Nutritek International Corp and others (Respondents) before Lord Neuberger, President Lord Mance Lord Clarke Lord Wilson Lord Reed JUDGMENT GIVEN ON 6 February 2013 Heard on 12, 13 and 14 November 2012 Appellant 2nd Respondent Mark Howard QC Michael Lazarus Paul McGrath QC Christopher Burdin Iain Pester Tony Singla (Instructed by Herbert (Instructed by SJ Berwin Smith Freehills LLP) LLP (up to 1st December 2012) and Fried, Frank, Harris, Shriver & Jacobson (London) LLP (from 1st December 2012)) 4th Respondent Mark Hapgood QC Stephen Rubin QC James McClelland (Instructed by by SJ Berwin LLP (up to 1st December 2012) and Fried, Frank, Harris, Shriver & Jacobson (London) LLP (from 1st December 2012)) LORD MANCE Introduction 1. The appellant, VTB Capital plc (“VTB”), is incorporated and registered, and authorised and regulated as a bank, in England. It is majority-owned by JSC VTB Bank (“VTB Moscow”), a state-owned bank based in Moscow. The first, second and fourth respondents are, respectively, Nutritek International Corp (“Nutritek”), Marshall Capital Holdings Ltd (“Marcap BVI”), both British Virgin Islands companies, and Mr Konstantin Malofeev, a Russian businessman resident in Moscow said to be the ultimate owner and controller of both, as well as of the third respondent, Marshall Capital LLC (“Marcap Moscow”), a Russian company which has not been served. 2. The present case arises from a Facility Agreement dated 23 November 2007 (“the Facility Agreement”) entered into between VTB and a Russian company, Russagroprom LLC (“RAP”), under which VTB advanced some US$225,050,000 to RAP.
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