Cypriot court lifts a temporary freeze order over 8 billion Rubles’ worth of assets owned by ICT Holding Ltd. and ICT GROUP Ltd.

26.10.2020 |

October 26, 2020. The company hereby announces that the District Court of Limassol has annulled its temporary freeze order over 8 billion Rubles’ worth of assets, issued in May, 2020 in connection with a law suit filed by Unified Wagon Company controlled by TRUST Bank.

The court moved to issue provisional injunctive relief before adjudication of the merits of the dispute by invoking a special ex-parte procedure (without notifying the Defendant). Following an appeal lodged in a prescribed manner and examination of the arguments presented by the Defendant, the court decided to annul earlier temporary restrictions due to their groundlessness. Further court proceedings on the merits of the case filed by UWC Group of Companies will continue in due course.

ICT Holding believes that the claims made by UWC and its shareholder represented by TRUST Bank are unsubstantiated, while public actions accompanying the filing of the said claims bear the marks of pressure and abuse inconsistent with the generally accepted business standards.
The court has, in turn, made a point of stressing that mass media publications initiated by the Applicant are unacceptable, as they were capable of causing disruption to operations and financial losses to the Defendant.

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