Franz Sedelmayer continues the hunt for Russian assets

Bavarian businessman Franz Sedelmayer, demanding the seizure of Russian foreign state property for debts, managed to achieve the seizure of €138 thousand deposited with the Stockholm Chamber of Commerce and Industry. This money was intended to cover the costs of Russia's participation in arbitration proceedings in Sweden. The Bavarian told Kommersant that the seizure of funds “will bring chaos to Russian efforts in the framework of ongoing arbitration processes,” and spoke about plans to seize other deposits of the Russian Federation, including funds contributed by the Russian authorities to cover the costs of participating in the proceedings in the Yukos cases .

Franz Sedelmayer won another victory on his way to recover from the Russian Federation his lost investments in the amount of €5 million. He managed to secure the arrest of €138.5 thousand deposited by the Russian authorities with the Stockholm Chamber of Commerce and Industry (CCI), under which the Stockholm Arbitration Court operates institute The corresponding document signed by the bailiff is at the disposal of Kommersant.

“This is a small amount, considering how much Russia still owes me, but it is still an important victory,” Mr. Zedelmayer told Kommersant. “I hope that the seizure of this money will confuse Moscow’s cards and bring chaos to its efforts in the framework of the current arbitration processes in Stockholm."

Let us recall that in 1998, Franz Sedelmayer won a case against the Russian Federation in the Stockholm International Commercial Arbitration - it ruled to compensate the businessman for over €2 million of investments that he lost in the 1990s while trying to organize a security business in St. Petersburg. Russia did not comply with the decision, and the Bavarian began to seek the seizure of Russian property abroad: displays at exhibitions, bank accounts, aircraft at air shows. So far, he has managed to receive about €1 million in income from renting the complex of the former Soviet trade mission in Cologne. Mr. Zedelmayer believes that at the moment, taking into account penalties, Russia owes him €5 million.

Since October last year, he has been seeking the arrest of the building of the Russian trade mission in Stockholm. The Swedish Supreme Court ruled in his favor, but Russia declared it illegitimate and therefore is not going to implement it ( see Kommersant, July 8 ).

Meanwhile, Mr. Zedelmayer is already looking at other Russian deposits abroad. “I am interested in similar Russian assets that are not protected by immunity, in particular, the money contributed by the Russian Federation to ensure its participation in numerous legal proceedings in the Yukos case,” the Bavarian noted. “With the help of this new and very effective tactic, I hope to significantly limit the possibilities Russia to protect its legal interests abroad and will interfere with it until it fulfills its obligations to me. Other Western creditors to whom Russia owes debt will probably follow my example.”

Elena Chernenko

The German arrested Russian money