Lidings law firm advising foreign business in Russia, being a recognized leader among legal advisors in dispute resolution in the country represents a large Chinese manufacturing company Shenzhen Richeswin Development Co., Ltd in a dispute related to debt collection for unpaid letters of credit from a Russian commercial Open Bank (Bank «Otkritie»).
Well known situation with Bank East European Financial Corporation (EEFC) related to illegal actions of its former management, which has become an assignee of the Open Bank as a result of its reorganization, has affected a group of large Chinese manufacturing companies that have not received proper payment for irrevocable letters of credit open in the bank EEFC back in 2008.