Kosta Legal has successfully upheld the interests of the Uzbek-Spanish company Maxam-Chirchiq, having brought company’s multi-year litigation with a large local bank to a close.
The litigation involved a complex dispute between Maxam-Chirchiq and its servicing bank. Massive fraud with company’s deposit accounts has been revealed and the company’s disappeared funds of about UZS 3.4 billion (about USD 2 million at the time when the proceedings began) have eventually been reclaimed. Dozens of hearings were held in the Uzbek commercial court of first instance, whose decisions were later challenged on appeal and by way of prosecutor review. The hard work of our team, who arranged a thorough review of the case and engaged many independent experts, allowed us to challenge the position of one of the Uzbekistan’s largest state-owned banks and to ultimately defend the client’s interests in the country’s Supreme Court.
Maxam-Chirchiq is one of the largest chemical enterprises in Uzbekistan, owned jointly by the Uzbek state-owned concern Uzkimyosanoat and Spanish Maxam, a global technology company with more than 50 subsidiaries, 80 industrial units and commercial operations in over 100 countries that specialises in the design, development and manufacture of chemicals and energy materials.