Arbitration panel formed for hearing $12 bln claim lodged by Sergei Pugachev

The Permanent Court of Arbitration (PCA) at The Hague has formed a panel of arbitrators for considering a claim filed by Sergei Pugachev, seeking $12 billion in damages.

Eduardo Zuleta Jaramillo has been appointed as Presiding Arbitrator.

In June, Pugachev chose Thomas Clay as arbitrator. The Russian government missed the deadline to appoint its arbitrator, who was selected by the Secretary-General of the PCA in August. As a result, Bernardo Cremades will be sitting on a panel along with Clay.

Moscow agreed the case to be considered by a panel of arbitrators with the PCA. The Russian government has hired law firm White & Case LLP in connection with Pugavhev’s claim. The legal team will be headed by David Goldberg, White & Case LLP’s London-based partner.

Pugachev lodged the claim in September 2015. He alleged an attempted expropriation of his assets totaling $15 billion. Lazareff Le Bars is currently acting as counsel to Pugachev.