Former owners of Raven Russia to file "investment claim" against Russia
The UK's Raven Property Group Limited plans to seek compensation for the nationalisation of the assets of its former Russian subsidiary, Raven Russia. This is reported by RBC, citing a company statement to investors.
The Raven Property Group Limited is currently putting together a team to represent its interests in court and will calculate the cost of filing the claim, the statement says.
The claim will be filed against the Russian Federation, but the specific court has not yet been chosen. A commercial real estate consultant who worked with the company indicates that it will be an arbitration tribunal outside Russia. The company has stated that it intends to file a claim with the ITC Tribunal. This is probably due to the type of dispute — an investment claim based on a violation of an international investment protection treaty.
In the case of Raven Property Group, this refers to the existing bilateral agreement between the United Kingdom and Russia dating from 1989.
Through its Cypriot subsidiary Raven Russia (Holdings) Cyprus Limited, the company owned warehouse complexes in Moscow, the Moscow region, St. Petersburg, Nizhny Novgorod and Novosibirsk. After the start of the military operation in Ukraine, it announced its intention to transfer control of its business in Russia to local top management. The deal was to be based on the nominal value of the assets after receiving permission from all regulatory authorities. However, in August last year, the Prosecutor General's Office requested the Moscow Arbitrazh (Commercial) Court to invalidate the deal. The company's assets were converted into public revenue. Raven Russia's warehouse complexes are now on the books of the Federal Agency for State Property Management (Rosimushchestvo). In late October they were put up for auction with a starting price of RUB 90 billion.
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20.01.26