The whole team of Kosta Legal would like to take the opportunity and to congratulate firm’s Partner Mr. Vazgen Grigoryan with the successful completion of a 7-years lasting litigation, where firm’s lawyers led by Vazgen were able to uphold the interests of Maxam-Chirchiq. The company 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 specializes in the design, development and manufacture of chemicals and energy materials.
The litigation involved a complex dispute between Maxam-Chirchiq and its servicing bank in Uzbekistan, where a massive fraud with company’s deposit accounts was revealed with the company’s disappeared funds of about UZS 3,4 billion (about USD 2 million at the beginning of the proceedings) being eventually reclaimed from the bank. Dozens of hearings were held in the commercial courts of first instance, whose decisions were later challenged on appeal and by way of prosecutor’s review. Hard work of the Vazgen’s team, having arranged a thorough review of the case with many experts being involved, allowed to challenge the position of one of the Uzbek largest state-owned banks and to ultimately defend the client’s interests in the country’s Supreme Court.
We at Kosta Legal are sincerely proud of expertise and professionalism of our litigation team that has significant experience in resolving factually and legally complex local and cross-border disputes in all fields of business law and corporate finance.