On 29 December 2023, ABH Holdings S.A. (ABHH), co-owned by Russian tycoon Mikhail Fridman, filed a request for arbitration and a statement of claim against, seeking "full compensation for the unlawful expropriation of Sense Bank (the Bank) by the Ukrainian authorities through enforced nationalization", its press release reads.
The claim has been filed with the International Centre for Settlement of Investment Disputes (ICSID).
The amount claimed is more than $1 billion. The legal basis for the claim is the Treaty between the Belgo-Luxembourg Economic Union and the Government of Ukraine on the Reciprocal Promotion and Protection of Investments.
The company insists that "Ukraine's escalating series of arbitrary, disproportionate, unreasonable, and discriminatory steps led to the expropriation of the Bank by forced nationalization".
"By combining methods of corporate raiding and war profiteering, the Ukrainian authorities have unlawfully taken the Bank from its rightful owners, beneficiaries, and shareholders including UniCredit Bank and The Mark Foundation for Cancer Research," the press release reads.
· The state nationalised Sense Bank in July 2023. The government purchased it from the Deposit Guarantee Fund for one hryvnya. Prior to that, on 20 July, the government had taken it off the market, which allowed the nationalisation.
· Also in July, the SBU reported that the former owners of Sense Bank wanted to drive it into bankruptcy and withdraw funds to Russia. They organised a scheme to change the nominal owners.
· In the spring of 2023, journalists discovered that the companies of Russian oligarch Fridman insured Russian Guard vehicles and held rallies in support of the occupiers. AlfaStrakhovanie also insures official vehicles of Russian military personnel responsible for the personal security of Russian President Vladimir Putin.