Charles Fussell & Co LLP instructed to act in banking dispute

Charles Fussell & Co LLP is acting for VTB Capital plc (“VTB”) and the Bulgarian Telecommunications Company (“BTC”) in a dispute with Royal Bank of Scotland plc (“RBS”) over the ownership of €15 million held by an escrow agent.

Following a capital restructuring of the group of which the Bulgarian Telecommunications Company was a part in 2012, €15 million was placed in escrow against certain liabilities, including tax liabilities and claims under competition law in Bulgaria.  Both VTB and BTC now maintain such liabilities have arisen and have asserted claims to the sums held in escrow.  RBS has disputed the claims and the escrow agent has applied to Court to resolve the dispute.

Dr Christopher Harris of 3 Verulam Buildings has been appointed as Counsel.

Hogan Lovells International LLP act for RBS and Sidley Austin LLP act for the escrow agent.

The case is ongoing.