Bank St Petersburg PJSC and another v Arkhangelsky and others

Bank – Loan. The claimants, the Bank of St Petersburg PJSC and its then chairman, succeeded in their claim against the first defendant, who had given personal guarantees in respect of loans made by the bank to the Oslo Marine Group (the Group), which he controlled. The Chancery Division rejected the first defendant's contention that he had not signed the relevant documents and/or that they had been forged, and that the bank was not entitled to enforce the various agreements due to the alleged rescheduling of the loans. The court held, among other things, that there could be no real doubt that the first defendant had signed the loan agreement, the guarantees and the associated additional agreements and that he was bound by them. It further ruled that there was insufficient evidence that the bank had committed to a general six-month moratorium. However, the court dismissed the claimants' claim against the first defendant's wife. The defendants' counterclaim, which had alleged that the bank had been seeking to implement a fraudulent 'raid' in respect of the Group's assets, was also dismissed.

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