The UK High Court has declared Vladimir Kekhman, founder and co-owner of JFC, bankrupt.
As a result of the declaration neither his Russian or Western creditors can lay claim to his foreign assets, according to UK law. This is the first time that a Russian businessperson has sought protection from banks in foreign courts.
The court records state the Kekhman is subject to the High Court jurisdiction, despite Russian citizenship, as a result of substantial assets in the UK.
JFC's governing company was declared insolvent in March and a bankruptcy procedure initiated. The company's debts to Russian legal entities amount to 38.5 billion rubles ($1.3 billion).
