Transaero founder Alexander Pleshakov managed to defend his right to Sky Stream company incorporated at British Virgin Islands (BVI) to hold the airline’s shares. The dispute with the offshore firm’s nominal owner, a former friend and lawyer of Mr. Pleshakov, Sergei Linkov, lasted eight years. Partner of Petrol Chilikov Egor Chilikov helped the journalist to understand legal aspects of the case:

The Privy Council of the United Kingdom is the highest judicial body for the BVI, it is the final court of appeal, explains Egor Chilikov, partner at Petrol Chilikov. ” <…>

“The BVI court held that the claimant’s version looked more realistic, and the defendants failed to offer a plausible alternative story explaining how and why they suddenly decided to establish SSC. The Council agreed with these conclusions”. <…>

“Such relationships must be governed by a well-written and vetted agreement, which should be drafted by independent counsel and not by prospective nominal owner, otherwise there is an obvious conflict of interest.”

Read the full article here.