Grigorishin Litigation. In February 2014, the Company was served in Cyprus with an interim order of the District Court of Nicosia (the “Order”). The Order was obtained by Konstantin Grigorishin and certain other plaintiffs against a number of defendants, including the Company, certain of its shareholders and directors, and Bank of New York (Nominees) Limited. Among other things, the Order froze property of most of the defendants, including the Company, but excluding Bank of New York (Nominees) Limited and two other defendants, for an amount up to EUR 400 million.
In April 2014, following written and oral submissions against the Order by the Company and several other defendants, the District Court of Nicosia (the "Court") discharged the Order in full, including in respect of the Company and its shareholders and directors. Following such discharge, there were no further substantive steps, known to the Company, by plaintiffs to proceed with their claim against the Company or its directors. The Company has maintained that there was no legal ground for the claims and allegations made by Mr. Grigorishin and the other plaintiffs against the Company.
In March 2018, a Notice of Discontinuance was filed by plaintiffs with the Court. Following the filing of the Notice of Discontinuance and an appearance of the Company’s legal representatives before the Court on 4 May 2018, the Court ordered the discontinuance of the action against the defendants. The discontinuance of the proceedings was not a result of any settlement agreement, and the Company was not required to make any payments to the plaintiffs.