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Practice Summary

Marcos Dracos undertakes a broad range of commercial work, with emphasis on international arbitration, civil fraud, and CIS related litigation. He has extensive experience appearing as counsel in international arbitration disputes (on his own or as part of a team), and he also sits as an arbitrator.

Marcos can advise on all aspects of English and Cypriot commercial law. He has full rights of audience in England and Cyprus and, in addition to his arbitration work, he frequently appears before courts in both jurisdictions. In Cyprus, he has acquired particular experience acting in shareholder disputes, civil fraud claims, freezing order and disclosure applications. He also has experience appearing as an expert witness on English and Cypriot law in foreign courts.

Marcos has a PhD from the University of Cambridge where he also taught contract law.

Presently he is a visiting lecturer at the law department of the University of Cyprus, lecturing on Cypriot Civil Procedure and Evidence.

Marcos Dracos “is singled out for his "practical advice and excellent analytical skills” (Chambers Global 2015), and “he takes a calm and measured approach, but with the right dose of aggression where he needs it” (Chambers Global, 2017). Marcos “is remarkably responsive and excellent in his performance" and "he provides top analysis - can analyse fine legal points, and can make very good and persuasive arguments" (Chambers Global, 2019).

EXAMPLES OF RECENT CASES

  • Arbitration (As Arbitrator)

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    ​​​​​​Marcos has experience sitting as an arbitrator in ad hoc, ICC, LCIA, SCC and Uncitral Arbitrations. In 2012 and 2013 Marcos was Vice-Chairman of the Cypriot Basketball Federation Arbitration Tribunal.

    • UNCITRAL Proceedings
      Sitting as sole arbitrator in arbitration proceedings arising out of a claim for the supply of consultancy services in the foods industry (seat: Nicosia, Cyprus).
    • ICC Proceedings
      Sitting as sole arbitrator in a US$700k claim arising from a dispute in the travel industry (seat: Athens, Greece).
    • LCIA Proceedings
      Sitting as arbitrator in a three-member arbitral tribunal in an US$100m claim under a contract of guarantee (seat: London, England).
    • LCIA Proceedings
      Sitting as arbitrator in a three-member arbitral tribunal in a US$1m claim under a loan contract and a contract of guarantee (seat: London, England).
    • LCIA Proceedings
      Sitting as arbitrator in a three-member arbitral tribunal in a US$1m claim under a contract of guarantee (seat: London, England)
    • UNCITRAL Proceedings
      Sitting as arbitrator in a three-member arbitral tribunal in a US$1m claim under a share purchase agreement (seat: Limassol, Cyprus).
    • Ad hoc Proceedings
      Sitting as Presiding Arbitrator in a three-member arbitration tribunal in arbitration proceedings arising out of a big construction project in Cyprus (seat: Nicosia, Cyprus).
    • LCIA Proceedings
      Sitting as sole arbitrator in a claim arising out of a litigation funding agreement. The dispute has received coverage in national press and arbitration reviews (seat: London, England).
    • Ad hoc Proceedings
      Sitting in a 3-member panel appointed to resolve disputes arising from a large scale privatisation programme in Cyprus (seat: Limassol, Cyprus).
    • LCIA Proceedings
      Sitting as sole arbitrator in two claims arising out of an international contract for the sale of goods (seat: London, England).
    • LCIA Proceedings
      Sitting as arbitrator in a three-member tribunal in a claim arising out of an international contract for the sale of goods (seat: London, England).
    • ICC Proceedings
      Sitting as sole arbitrator in a US$700k claim arising from a dispute in the travel industry (seat: Athens, Greece).
    • ICC Proceedings
      Sitting as sole arbitrator in a GB£1.8million dispute arising from a shareholders agreement (seat: London, England).
    • ICC Proceedings
      Sitting as party-appointed arbitrator in a three-member tribunal involving a US$10million dispute arising from a joint venture agreement (seat: Nicosia, Cyprus)
    • Ad hoc Proceedings
      Sitting in a 3-member panel appointed to resolve disputes in excess of 10million euro between the government and private companies in the transport sector in Cyprus (seat: Nicosia, Cyprus).
    • ICC Proceedings
      Sitting as sole arbitrator in a US$800,000 dispute arising from an agency agreement in the aviation sector (seat: London, England).
  • Arbitration (As Counsel)

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    • LCIA Proceedings
      Acting (as co-counsel) for the Respondent in US$20m claim arising out of a loan agreement in the retail sector.
    • LCIA Proceedings
      Acting (as co-counsel) for the Respondent in a claim for US$30m arising out of a share purchase agreement.
    • LCIA Proceedings
      Acting (as co-counsel) for the Respondent in a claim for US$100m arising out of a share purchase agreement.
    • ICC Proceedings
      Acting (as co-counsel) for the Claimant in a claim for US$3m arising out of an international multi-million energy project in Cyprus.
    • UNCITRAL Proceedings
      Acting (as sole counsel) for the Claimant in a US$500k claim arising out of breach of an agreement to provide consulting services in the travel and leisure sector
    • LCIA Proceedings
      Acting (as sole counsel) for the Claimant in a US$1.5m claim arising out of breach of a share purchase agreement
    • Ad Hoc Proceedings
      Acting (as sole counsel) for the Claimant in a claim for US$3m in relation to a claim for breach of a construction contract agreement
    • LCIA Proceedings
      Acting (as sole counsel) for the Claimant in a claim for US$150k arising out of an escrow agreement.
    • LCIA Proceedings
      Acting (as sole counsel) for the Respondent in a multi-million contractual dispute arising out of a Power Purchase Agreement relating to the power sector in Pakistan.
    • LCIA Proceedings
      Acting (as junior counsel) for the Respondent in a several consolidated arbitrations in relation to the energy sector in Pakistan.
    • UNCITRAL Proceedings
      Acting (as co-counsel) for the Claimant in an investment dispute arising from a Bilateral Investment Treaty.
    • ICC Proceedings
      Acting in a multi-million contractual dispute concerning the power sector in Pakistan.
    • ICSID Proceedings
      Acting (as co-counsel) for the Claimant in an investment dispute arising from a Bilateral Investment Treaty.
    • UNCITRAL Proceedings
      Acting (as co-counsel) in a multi-million contractual dispute arising from an SPA agreement in the energy sector in Greece.
    • LCIA Proceedings
      Acting (as junior counsel) for the Respondent in a multi-million claim arising from the sale of a business in Kenya.
    • Atlas Power Ltd v National Transmission and Despatch Co Ltd [2019] 1 All E.R. (Comm) 93.
      Acting (as junior counsel) for the Respondent in anti-suit injunction proceedings raising issues of construction of arbitration clauses and the extent to which a tribunal can determine the seat of an arbitration in a binding way.
    • VTB Bank (Austria) AG v Kombinat Aluminjuma Podgorica AD (In Bankruptcy) [2016] 1 BCLC 311. Acting on behalf of the liquidator of a large Montenegrin entity on issues involving arbitration and cross-border insolvency issues.
  • Banking & Finance

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    • Advising and acting in London for depositors seeking to recover their losses arising out of the March 2013 bail-in measures in Cyprus.
    • Advising a major CIS Bank in relation to a US$ 500 million claim, involving LCIA proceedings, and court proceedings in Cyprus and London.
    • Providing expert evidence in the Russian courts in relation to Cypriot banking law/law of guarantees.
    • Acting for a major banking institution in relation to multi-million proceedings brought against it in Cyprus arising out of a major equity finance transaction.
    • Galagaev & Others v Ananyev & Others [2018] EWHC 2430 (Comm).
      Acting for the Respondents in an application to discharge a WFO in proceedings arising from the nationalization of PSB. The case raises complex issues of jurisdiction.
    • St Vincent European General Partner Limited v. Robinson (High Court)
      Acting for one of the Defendants in multi-million High Court proceedings arising out of the enforcement of a share pledge agreement, involving allegations of dishonesty and conspiracy to cause damage by unlawful means. Proceedings are ongoing.
    • Elma Holdings v Deutsche Bank & others (Case 2914/2015, Nicosia DC, Decision 20/2/2018).
      Acting for Deutsche Bank in a claim for several million brought against it for damages arising from a complex transaction in the banking sector in Cyprus.
    • PJSC VTB Bank v. Morea Investments Holdings (Limassol DC)
      Acting for the Defendant in a multi-million claim brought by VTB Bank arising out of guarantee. The proceedings involve allegations of illegality and extortion.
    • LCIA Proceedings
      Acting (as co-counsel) for the Respondent in US$20m claim arising out of a loan agreement.
    • LCIA Proceedings
      Acting (as co-counsel) for the Respondent in a claim for US$ 60m arising out of a REPO agreement.
  • Civil Fraud

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    • Acting on behalf of a CIS bank in a US$ 500m fraud claim, involving LCIA proceedings, court proceedings in London, and proceedings in Cyprus. Proceedings in Cyprus are ongoing.
    • Acting on behalf of the UBO of a Russian group of companies in a multi-million dollar claim against his partners arising from allegations of fraud, diverting profits, breach of fiduciary duty and breach of shareholders’ agreements. Proceedings in London and Cyprus. Claim has settled.
    • Acting on behalf of a Ukrainian group of companies in a multi-million dollar claim against their partners in a joint venture, for fraud, breach of fiduciary duty, breach of shareholders’ agreements and diverting profits. Claim has settled.
    • Acting for the state of Montenegro in a dispute with Oleg Deripaska arising from an aluminium plant in Montenegro, involving arbitration proceedings and fraud proceedings and claims in excess of US$ 100m.
    • Galagaev & Others v Ananyev & Others [2018] EWHC 2430 (Comm).
      Acting for the Respondents in an application to discharge a WFO in proceedings arising from the nationalization of PSB. The case raises complex issues of jurisdiction.
    • Raga Establishment Ltd v Akhmetov and others (Case 4669/2016, Nicosia DC, Decision dated 6/6/2018).
      Acting for several Respondents in a US$ 700m claim and freezing order application arising from a claim for breach of an SPA, involving allegations of dishonesty and unlawful asset dissipation.
    • St Vincent European General Partner Limited v. Robinson
      Acting for one of the Defendants in multi-million High Court proceedings arising out of the enforcement of a share pledge agreement, involving allegations of dishonesty and conspiracy to cause damage by unlawful means. Proceedings are ongoing.
    • Elma Holdings v Deutsche Bank & others (Case 2914/2015, Nicosia DC, Decision 20/2/2018).
      Acting for Deutsche Bank in a claim for several million brought against it for damages arising from a complex transaction in the banking sector in Cyprus.
    • En+ Group Limited v. (1) CEAC Limited and (2) Kombinat Aluminijuma Podgorica (Action 3355/2014, Nicosia DC, Decision dated 12 April 2017)
      Acting for the Second Defendant in a freezing order application in the value of Euro 100.000.000 involving allegations of fraud, dishonest and conspiracy arising from the insolvency of a major Montenegrin aluminium company.
    • Raga Establishment Ltd v. SCM Financial Overseas Limited (Case 334/2016, Nicosia DC, Decision dated 12 January 2017)
      Acting for the Respondent in a US$ 700m freezing order application arising from a claim for breach of contract, involving allegations of dishonesty and unlawful asset dissipation.
    • Reverta AS v. Bolmeno Commercial Limited (Action 2989/2016, Limassol DC, Decision dated 11 May 2017)
      Acting for some of the Defendants in a Euro 25m claim by a bank against several companies and individuals involving allegations of a conspiracy to defraud creditors and defeat security. Proceedings in Russia and Cyprus. The proceedings involve applications for freezing orders and disclosure orders.
    • OJSC Togliattiazot a.o.v. Uralchem Holdings Plc a.o.
      Acting for the claimants in an action for a multi-million dollar conspiracy and fraud against defendants in Russia, BVI, Bulgaria, Ireland and Cyprus.
    • Poymanov v. Aletarro Limited
      Acting for the Claimant in a multi-million dollar claim for conspiracy and fraud against Defendants in Cyprus, Russia and the BVI.
    • Gorsoan Limited v. Janna Bullock
      Acting for the claimants in a multi-million dollar action for conspiracy and fraud. The action included the issuing of worldwide freezing orders, asset disclosure orders, and Norwich Pharmacal orders in Cyprus and the BVI against defendants located in the United States, Cyprus, BVI, Russia and France.
    • PJSC VTB Bank v. Morea Investments Holdings (Limassol DC)
      Acting for the Defendant in a multi-million claim brought by VTB Bank arising out of guarantee. The proceedings involve allegations of illegality and extortion.
    • VTB Capital plc v. Konstantin Malofeev
      Acting for the defendant in interim relief (freezing injunction and disclosure) proceedings, which were ancillary to a US$200m claim in London.
    • Igor Kolomoisky v. Lanebrook Limited a.o.
      Acting for defendants in a multi-million dollar action for breach of contract and unlawful means conspiracy.
    • Re Assofit Holdings Limited
      Acting for parties in a series of proceedings arising from a multi-million dollar joint venture agreement for a project in Ukraine. The dispute gave rise to LCIA arbitration proceedings and court proceedings for, amongst other things, fraud, conspiracy, and unfair prejudice.
    • Ioannis Kloukinas v. Penderhill Holdings Limited
      Acting for the defendant in a Norwich Pharmacal application. The Cypriot Supreme Court decision is the leading decision on stay of Norwich Pharmacal orders pending appeal.
    • Leon Brener v. Bank of Cyprus Public Company Limited a.o.
      Advising the claimant on various procedural and substantive aspects of a US$6m claim which involved allegations (against various parties, including agents and a bank) of conspiracy, knowing receipt and dishonest assistance in breach of trust.
  • Company, Joint Ventures and Insolvency law

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    • Acting on behalf of the UBO of a Russian group of companies in a multi-million dollar claim against his partners arising from allegations of fraud, diverting profits, breach of fiduciary duty and breach of shareholders’ agreements
    • Acting on behalf of a Ukrainian group of companies in a multi-million dollar claim against their partners in a joint venture, for fraud, breach of fiduciary duty, breach of shareholders’ agreements and diverting profits.
    • Raga Establishment Ltd v Akhmetov and others (Case 4669/2016, Nicosia DC, Decision dated 6/6/2018).
      Acting for several Respondents in a US$ 700m claim and freezing order application arising from a claim for breach of an SPA, involving allegations of dishonesty and unlawful asset dissipation.
    • En+ Group Limited v. (1) CEAC Limited and (2) Kombinat Aluminijuma Podgorica (Action 3355/2014, Nicosia DC, Decision dated 12 April 2017)
      Acting for the Second Defendant in a freezing order application in the value of Euro 100.000.000 involving allegations of fraud, dishonest and conspiracy arising from the insolvency of a major Montenegrin aluminium company.
    • St Vincent European General Partner Limited v. Robinson
      Acting for one of the Defendants in multi-million High Court proceedings arising out of the enforcement of a share pledge agreement, involving allegations of dishonesty and conspiracy to cause damage by unlawful means. Proceedings are ongoing.
    • Re Assofit Holdings Limited
      Acting for parties in a series of proceedings arising from a multi-million dollar joint venture agreement for a project in Ukraine. The dispute gave rise to LCIA arbitration proceedings and court proceedings for, amongst other things, fraud, conspiracy, and unfair prejudice.
    • VTB Bank (Austria) AG v Kombinat Aluminjuma Podgorica AD (In Bankruptcy) [2015] EWHC 750 (Ch).
      Acting on behalf of the liquidator of a large Montenegrin entity on issues involving arbitration and cross-border insolvency issues.
    • RGI Residential Holdings Limited v. Litonor Financial Limited
      Acting for the defendant in multi-million dollar proceedings for breach of contract arising out of a development project in Moscow.
    • Re Trellas Enterprises Limited.
      Acting for the company in a series of multi-million dollar disputes between shareholders and creditors with proceedings in London and Cyprus.
    • LCIA Proceedings
      Acting (as sole counsel) for the Claimant in US$1.5m claim arising out of breach of a share purchase agreement.
    • Automotive Latch Systems Ltd -v- Honeywell International Inc [2008] EWHC 2177 Comm; [2008] All ER (D) 13 Oct; 30 Sept 08.
      Acting (with Michael Douglas Q.C. and Alison Potter) in a 12-week trial in the Commercial Court for the claimant company in a multi-million claim arising out of an agreement to develop and sell a new product.
    • Acting for the minority shareholder in a petition for minority oppression and winding up arising out of exclusion from management and unfair dividends policy.
    • Acting for the minority shareholder in a derivative claim against the directors and majority shareholders for diverting profits of the company.
    • Acting on behalf of a Russian group of companies in a multi-million dollar dispute for breach of a shareholders’ agreement.
    • Acting for the minority shareholder in a multi-million dollar dispute involving claims for minority oppression.
    • LCIA Proceedings
      Acting (as co-counsel) for the Respondent in a claim for US$30m arising out of a share purchase agreement.
    • LCIA Proceedings
      Acting (as co-counsel) for the Respondent in a claim for US$100m arising out of a share purchase agreement.
    • ICC Proceedings
      Acting (as sole counsel) for the Claimant in a claim for US$3m arising out of an international multi-million energy project in Cyprus.
    • LCIA Proceedings
      Acting (as sole counsel) for the Claimant in a US$1.5m claim arising out of breach of a share purchase agreement.
  • Construction & Engineering

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    • Ad hoc Proceedings
      Sitting as Presiding Arbitrator in a three-member arbitration tribunal in arbitration proceedings arising out of a big construction project
    • Acting for the Claimant in a US$ 3m ICC dispute concerning a Wind project in Cyprus in claims for payments due under consultancy agreement, raising issues of interpretation.
    • Acting for Claimant metal skeleton contractor in a €5m Ad Hoc Construction Arbitraton against main contractor concerning issues of delay and variations.
    • Chairperson in an €10m Ad Hoc Construction Arbitration dispute between contractor and employer concerning issues of delay, variations and liquidated damages clauses
    • Seele Austria GmbH & Co v. Tokio Marine Europe Insurance Ltd [2009] 1 All E.R. (Comm) 171; [2007] B.L.R. 337
      Acting (with David Sears Q.C. and Adrian Williamson Q.C.) at first instance and on appeal for the claimant insured in a claim for indemnity under a CAR insurance policy in a case involving the installation of defective windows.
  • Cypriot Law

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    Marcos regularly appears before the Supreme Court and the District Courts of Cyprus as counsel, and has extensive experience on Cypriot law in civil fraud and related ancillary applications (such as for freezing and disclosure orders).

    Marcos has also acted as an expert witness on numerous occasions. He is a visiting lecturer at the University of Cyprus and has provided evidence as an expert on Cypriot law in arbitration proceedings and in court proceedings in London, New York, Amsterdam, Athens and Dublin.

    Marcos has also acted as an expert on English law in court proceedings in Cyprus.

            As Counsel:

    • Raga Establishment Ltd v Akhmetov and others (Case 4669/2016, Nicosia DC, Decision dated 6/6/2018).
      Acting for several Respondents in a US$ 700m freezing order application arising from a claim for breach of contract, involving allegations of dishonesty and unlawful asset dissipation.
    • Fortebank v Metropol (Cyprus) Limited (Case 4/2015, Limassol DC, Decision dated 29/12/2017).
      Acting for the Applicant in an application for the registration of an LCIA award for US$ 500m.
    • Raga Establishment Ltd v SCM Financial Overseas Limited (Case 569/2017, Nicosia DC, Decision dated 20/5/2019).
      Acting for the Respondent in an application for recognition of an LCIA Award.
    • Elma Holdings v Deutsche Bank & others (Case 2914/2015, Nicosia DC, Decision 20/2/2018).
      Acting for Deutsche Bank in a claim for several million brought against it for damages arising from a complex transaction in the banking sector in Cyprus.
    • En+ Group Limited v. (1) CEAC Limited and (2) Kombinat Aluminijuma Podgorica (Action 3355/2014, Nicosia DC, Decision dated 12 April 2017)
      Acting for the Second Defendant in a freezing order application in the value of Euro 100.000.000 involving allegations of fraud, dishonest and conspiracy arising from the insolvency of a major Montenegrin aluminium company.
    • Reverta AS v. Bolmeno Commercial Limited (Action 2989/2016, Limassol DC, Decision dated 11 May 2017)
      Acting for some of the Defendants in a Euro 25m claim by a bank against several companies and individuals involving allegations of a conspiracy to defraud creditors and defeat security. Proceedings in Russia and Cyprus. The proceedings involve applications for freezing orders and disclosure orders.
    • Raga Establishment Ltd v. SCM Financial Overseas Limited (Case 334/2016, Nicosia DC, Decision dated 12 January 2017)
      Acting for the Respondent in a US$ 700m freezing order application arising from a claim for breach of contract, involving allegations of dishonesty and unlawful asset dissipation.
    • Acting for the state of Montenegro in a dispute with Oleg Deripaska arising from an aluminium plant in Montenegro, involving arbitration proceedings and fraud proceedings and claims in excess of US$ 100m.
    • Cruz City 1 Mauritius Holdings v. Unitech.
      Acting for the Claimant in a US$350 million claim, with proceedings in England (High Court and LCIA), India, and Cyprus.
    • RGI Residential Holdings Limited v. Litonor Financial Limited (Nicosia District Court)
      Acting for the defendant in multi-million dollar proceedings for breach of contract arising out of a development project in Moscow.
    • Gorsoan Limited v. Janna Bullock (Action 3753/2012, Limassol District Court, decision dated 6/3/2013)
      Acting for the claimants in a multi-million dollar action for conspiracy and fraud. The action included the issuing of worldwide freezing orders, asset disclosure orders, and Norwich Pharmacal orders in Cyprus and the BVI against defendants located in the United States, Cyprus, BVI, Russia and France.
    • VTB Capital plc v. Konstantin Malofeev (Application 924/2011, Nicosia District Court, decision dated 18/2/2013).
      Acting for the defendant in interim relief (freezing injunction and disclosure) proceedings, which were ancillary to a US$200m claim in London.
    • Igor Kolomoisky v. Lanebrook Limited a.o. (Action 5131/11, Nicosia District Court, decision dated 11/01/2012).
      Acting for defendants in a multi-million dollar action for breach of contract and unlawful means conspiracy.
    • Re Assofit Holdings Limited
      Acting for parties in a series of proceedings arising from a multi-million dollar joint venture agreement for a project in Ukraine. The dispute gave rise to LCIA arbitration proceedings and court proceedings in Nicosia, Limassol and Larnaca for, amongst other things, fraud, conspiracy, and unfair prejudice.
    • OJSC Togliattiazot a.o.v. Uralchem Holdings Plc a.o.
      Acting for the claimants in an action for a multi-million dollar conspiracy and fraud in the Nicosia District Court against defendants in Russia, BVI, Bulgaria, Ireland and Cyprus.
    • Ioannis Kloukinas v. Penderhill Holdings Limited (2011) 1 A.A.D. 1921 (Supreme Court of Cyprus)
      Acting for the defendant in a Norwich Pharmacal application. The Supreme Court decision is the leading decision on stay of Norwich Pharmacal orders pending appeal.
    • Leon Brener v. Bank of Cyprus Public Company Limited a.o. (Limassol District Court, Action 5255/05, decision dated 15 July 2010).
      Advising the claimant on various procedural and substantive aspects of a $6m claim in Cyprus which involved allegations (against various parties, including agents and a bank) of conspiracy, knowing receipt and dishonest assistance in breach of trust.
    • Reverta AS v. Bolmeno Commercial Limited
      Acting for some of the Defendants in a claim by a bank against several companies and individuals involving allegations of a conspiracy to defraud creditors. Proceedings in Russia and Cyprus.
    • Acting for an accounting firm in a US$ 3bn claim brought against it by a Ukrainian bank.

      As Expert:
       
    • Rigroup LLC v. Trefonisco Mgmt Ltd (2d Cir. Mar 18, 2014)
      Expert witness on issues of Cypriot law (conflict of laws, civil procedure and tort law) in proceedings in New York.
    • Kolyada v. Yurov (Commercial Court)
      Expert witness on issues of Cypriot law (civil procedure, conflict of laws, freezing orders, requests for judicial assistance from authorities, Cyprus-Russia cooperation treaty, enforceability of foreign judgments in Cyprus) in London.
    • Cruz v. Unitech [2015] 1 All E.R. (Comm) 336
      Expert witness on issues of Cypriot law (civil procedure, conflict of laws, remedies, enforceability of foreign judgments, enforceability of arbitral awards) in London.
    • Slattery v Friends First Life Assurance Company Ltd [2013] IEHC 136  
      Expert witness on issues of Cypriot law (misrepresentation, breach of contract, damages, rectification) in the Irish courts.
    • LCIA Arbitration 
      Expert evidence on issues of Cypriot law (evidence and procedure, including disclosure of documents) in LCIA Arbitration.
    • Russian Commercial Court
      Provision of an expert report on issues of Cypriot banking law
  • Energy, oil & gas and utilities

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    • LCIA Proceedings
      Acting (as sole counsel) for the Respondent in a multi-million contractual dispute arising out of a Power Purchase Agreement.
    • LCIA Proceedings
      Acting (as junior counsel) for the Respondent in a several consolidated arbitrations in relation to the energy sector in Pakistan.
    • ICC Proceedings
      Acting in a multi-million contractual dispute concerning the power sector in Pakistan.
    • ECT Proceedings
      Providing expert evidence on Cypriot law in relation to ECT proceedings.
    • UNCITRAL Proceedings
      Acting (as co-counsel) in a multi-million contractual dispute arising from an SPA agreement in the energy sector in Greece.
  • Insurance and Reinsurance

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    • Advising a reinsurer on its obligations under a reinsurance contract in circumstances where there were breaches of notification and claims co-operation clauses.
    • Advising a reinsurer on the true construction of a continuity date clause, and on its obligations under a reinsurance contract in circumstances where there were breaches of the notification clause.
    • Widefree Ltd v. Brit Insurance Limited [2010] 2 All E.R. (Comm) 477; [2011] Lloyd's Rep. I.R. 63
      Acting for the Claimant insured in a case where the insurer denied cover in an all risks policy relying on alleged breach of condition and on “unexplained loss” and fidelity exclusions.
    • Seele Austria GmbH & Co v. Tokio Marine Europe Insurance Ltd [2009] 1 All E.R. (Comm) 171; [2007] B.L.R. 337.
      Acting (with David Sears Q.C. and Adrian Williamson Q.C.) at first instance and on appeal for the claimant insured in a claim for indemnity under a CAR insurance policy in a case involving the installation of defective windows.
  • Russian and CIS Litigation

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    Marcos has acquired substantial experience in CIS related cases in Cyprus and in London. He has been involved in high profile cases such as the VTB Capital plc v. Nutritek International Corp litigation, the dispute between Mr. Victor Pinchuk and Mr. Igor Kolomoisky and Mr. Gennady Bogolyubov, and major litigation arising from the nationalization of PrivatBank, PSB and ForteBank, the sale of Ukrtelecom, the insolvency of Kombinat Aluminijuma Podgorica. 

    • Raga Establishment Ltd v Akhmetov and others (Case 4669/2016, Nicosia DC, Decision dated 6/6/2018).
      Acting for several Respondents in a US$ 700m freezing order application arising from a claim for breach of contract, involving allegations of dishonesty and unlawful asset dissipation.
    • Fortebank v Metropol (Cyprus) Limited (Case 4/2015, Limassol DC, Decision dated 29/12/2017).
      Acting for the Applicant in an application for the registration of an LCIA award for US$ 500m.
    • Raga Establishment Ltd v SCM Financial Overseas Limited (Case 569/2017, Nicosia DC, Decision dated 20/5/2019).
      Acting for the Respondent in an application for recognition of an LCIA Award.
    • Galagaev & Others v Ananyev & Others [2018] EWHC 2430 (Comm).
      Acting for the Respondents in an application to discharge a WFO in proceedings arising from the nationalization of PSB. The case raises complex issues of jurisdiction.
    • VTB Bank (Austria) AG v Kombinat Aluminjuma Podgorica AD (In Bankruptcy) [2016] 1 BCLC 311.
      Acting on behalf of the liquidator of a large Montenegrin entity on issues involving arbitration and cross-border insolvency issues.
    • Advising a major CIS Bank in relation to a US$ 500 million claim, involving LCIA proceedings, and court proceedings in Cyprus and London.
    • Acting on behalf of the UBO of a Russian group of companies in a multi-million dollar claim against his partners arising from allegations of fraud, diverting profits, breach of fiduciary duty and breach of shareholders’ agreements
    • Acting on behalf of a Ukrainian group of companies in a multi-million dollar claim against their partners in a joint venture, for fraud, breach of fiduciary duty, breach of shareholders’ agreements and diverting profits
    • Acting for a Defendant state entity in a multi-million euro claim against it by a Russian group of companies involving allegations of deceit and misrepresentation in share purchase agreement.
    • Acting for an accounting firm in a US$ 3bn claim brought against it by a Ukrainian bank.
    • En+ Group Limited v. (1) CEAC Limited and (2) Kombinat Aluminijuma Podgorica (Action 3355/2014, Nicosia DC, Decision dated 12 April 2017)
      Acting for the Second Defendant in a freezing order application in the value of Euro 100.000.000 involving allegations of fraud, dishonest and conspiracy arising from the insolvency of a major Montenegrin aluminium company.
    • Reverta AS v. Bolmeno Commercial Limited (Action 2989/2016, Limassol DC, Decision dated 11 May 2017)
      Acting for some of the Defendants in a Euro 25m claim by a bank against several companies and individuals involving allegations of a conspiracy to defraud creditors and defeat security. Proceedings in Russia and Cyprus. The proceedings involve applications for freezing orders and disclosure orders.
    • OJSC Togliattiazot a.o.v. Uralchem Holdings Plc a.o.
      Acting for the claimants in an action for a multi-million dollar conspiracy and fraud against defendants in Russia, BVI, Bulgaria, Ireland and Cyprus.
    • Raga Establishment Ltd v. SCM Financial Overseas Limited (Case 334/2016, Nicosia DC, Decision dated 12 January 2017)
      Acting for the Respondent in a US$ 700m freezing order application arising from a claim for breach of contract, involving allegations of dishonesty and unlawful asset dissipation.
    • Poymanov v. Aletarro Limited
      Acting for the Claimant in a multi-million dollar claim for conspiracy and fraud against Defendants in Cyprus, Russia and the BVI.
    • Gorsoan Limited v. Janna Bullock
      Acting for the claimants in a multi-million dollar action for conspiracy and fraud. The action included the issuing of worldwide freezing orders, asset disclosure orders, and Norwich Pharmacal orders in Cyprus and the BVI against defendants located in the United States, Cyprus, BVI, Russia and France.
    • VTB Capital plc v. Konstantin Malofeev
      Acting for the defendant in interim relief (freezing injunction and disclosure) proceedings which were ancillary to a US$200m claim in London.
    • Igor Kolomoisky v. Lanebrook Limited a.o.
      Acting for defendants in a multi-million dollar action for breach of contract and unlawful means conspiracy.
    • Re Assofit Holdings Limited
      Acting for parties in a series of proceedings arising from a multi-million dollar joint venture agreement for a project in Ukraine. The dispute gave rise to LCIA arbitration proceedings and court proceedings for, amongst other things, fraud, conspiracy, and unfair prejudice.
    • RGI Residential Holdings Limited v. Litonor Financial Limited
      Acting for the defendant in multi-million dollar proceedings for breach of contract arising out of a development project in Moscow.
    • Re Trellas Enterprises Limited
      Acting for the company in a series of multi-million dollar disputes between shareholders and creditors with proceedings in London and Cyprus.
    • Acting on behalf of a Russian group of companies in a multi-million dollar dispute for breach of a shareholders’ agreement.
    • LCIA Proceedings
      Acting (as leading counsel) for the Respondent in a US$20m dispute arising out of a loan agreement.
    • LCIA Proceedings
      Acting (as leading counsel) for the Respondent in a US$30m dispute arising out of a share purchase agreement.
    • LCIA Proceedings
      Acting (as co-counsel) for the Respondent in a a US$100m dispute arising out of a share purchase agreement.
    • UNCITRAL Proceedings
      Sitting as sole arbitrator in an arbitration arising from a claim for the supply of consultancy services in the foods industry.
    • LCIA Proceedings
      Sitting as arbitrator in a three-member arbitral tribunal in an US$100m claim under a contract of guarantee.
    • LCIA Proceedings
      Sitting as arbitrator in a three-member arbitral tribunal in a US$1m claim under a loan contract and a contract of guarantee.
    • LCIA Proceedings
      Sitting as arbitrator in a three-member arbitral tribunal in a US$1m claim under a contract of guarantee.
    • UNCITRAL Proceedings
      Sitting as arbitrator in a three-member arbitral tribunal in a US$1m claim under a share purchase agreement.

Education

Corpus Christi College, Cambridge University (1998 – 2001), B.A. Law (First Class)
Gonville and Caius College, Cambridge University (2001 – 2005), PhD on the interpretation of written contracts after Investors Compensation Scheme v. West Bromwich Building Society.
B.P.P. Law School (2003 – 2005), Bar Vocational Course, Part-time (Outstanding)

Publications

Book Review of Lewison The Interpretation of Contracts (2004), [2005] C.L.J. 245
Baloise Insurance v. Epaminondas: Reviewing findings of fact on appeal, (2009) Lysias 49 – 57.
Arbitration in Cyprus (2012) 18 Columbia J. Eur. L. F. 35
Estoppel in English Contract Law, published in Makridou and Diamantopoulos (eds) Issues of Estoppel and Res Judicata in Anglo-American and Greek Law (2013, Nomiki Vivliothiki)