A recent decision by the Belgian State Council rejected the claims of RESO Credit Bank and the management company Veles Management.
Both organizations challenged the local treasury’s refusal to unfreeze assets that were frozen due to the introduction of sanctions. The main reason for the rejection of the claims is the bank’s failure to submit the necessary documents within the deadline. According to the Belgian procedure, investors affected by the blocking of their assets must first apply to the treasury for a license to unfreeze.
Andrei Gusev, Senior Partner at Nordic Star Law Offices, notes that refusals due to violation of procedural obligations are standard practice for the State Council.
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