$6 billion freeze in a cyprus court

$6 billion worth of Russian assets have been frozen in a court in Cyprus...

The injunction on behalf of Russian member of parliament, Ashot Egiazaryan, includes holdings in the Moskva Hotel, a piece of prime real estate adjacent to the Kremlin which has been undergoing redevelopment in recent years.

Russian business daily Vedomosti said the plaintiff was seeking $2 billion in damages, claiming he had been wrongfully deprived of a stake in the hotel, though the court injunction gave no details of the underlying case.

The action was in Cyprus because it relates to investment holding companies which are registered on the island.

It also Bars Kerimov from disposing shares he holds in Cyprus-based Wandle Holdings and Brainpedia Holdings, and in White Star LP from the Cayman Islands. Those companies are also barred from disposing of or mortgaging shares in Polyus Gold, the court documents said.

"The court orders and restricts the net value of the property and assets bound at an amount in excess of $500 million dollars," the verdict said:

Source: Cyprus Mail