Matter

Nibulon S.A. v BSC GmbH and others (Nicosia District Court action 4662/16)

Cross-border litigation arising from GAFTA grain-sale awards, concerning alleged conspiracy and asset dissipation by Agrotrade-related companies and recovery of the award debt.

International commercial arbitration
Cross-border litigation
Asset tracing and recovery
Recognition and enforcement of arbitral awards
Parallel proceedings

Case no.: GAFTA appeals 4301 and 4294
Industry type: Wholesale and retail trade

23 September 2026Cyprus
23 September 2026Cyprus
Decision of the Nicosia District Court in action 4662/16 dated 23 September 2026
Nicosia District Court
Case no.
4662/16
Decision summary
The court found that Agrotrade-related companies conspired to dissipate BSC GmbH's assets and avoid payment of Nibulon S.A.'s GAFTA awards. It entered judgment jointly and severally against Carpentaria Trading Limited, AGT Capital Management Limited, and AGROTRADE Capital LLC for the euro equivalent of USD 4,291,176.40 with 3.5% quarterly-compounded interest from 13 December 2010, the euro equivalent of GBP 37,948.70, and costs; it dismissed personal liability against Vsevolod Sergiiovych Kozhemyako.
Participants
Nibulon S.A.
Representative
Kotsapa (For: Nibulon S.A.)
Representative
Konstantinou (For: Nibulon S.A.)
Representative
M. Korelis & Co LLC (For: Nibulon S.A.)
Expert
Zaletesky Kyrylo (For: Nibulon S.A.)
BSC GmbH
Carpentaria Trading Limited
Representative
A. Demetriou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Christou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Ioannidis, Demetriou LLC (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
AGROTRADE Group S.A.
Representative
A. Demetriou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Christou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Ioannidis, Demetriou LLC (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
AGT Capital Management Limited
Representative
A. Demetriou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Christou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Ioannidis, Demetriou LLC (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Ursule Business S.A.
AGROTRADE Capital LLC
Representative
A. Demetriou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Christou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Ioannidis, Demetriou LLC (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Vsevolod Sergiiovych Kozhemyako
Representative
A. Demetriou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Christou (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Representative
Ioannidis, Demetriou LLC (For: Carpentaria Trading Limited · AGROTRADE Group S.A. · AGT Capital Management Limited · AGROTRADE Capital LLC · Vsevolod Sergiiovych Kozhemyako)
Nicosia District Court
Judge
E. Georgiou-Antoniou
Other
Witness
Andriy Oleksiyovych Vadaturskyy
Witness
Andriy Olexandrovych Vasyliev
Witness
Mykola Grinchenko
Witness
Maksym Lopin
Witness
Christos Christodoulou
Authorities cited
10
- Paikkos v Kontemeniotis (1989) 1 C.L.R. 50
  case-law
- Kuwait Oil Tanker Company SAK v Al Bader (2000) EWCA Civ 160
  case-law
- Marex Financial Limited v Sevilleja [2017] EWHC 918 (Comm)
  case-law
- Lakatamia Shipping Company Ltd v Tseng Yu Hsia and others [2023] EWHC 3023 (Comm)
  case-law
- Lakatamia Shipping Company Ltd v Nobu Su and others [2024] EWHC 1749 (Comm)
  case-law
- The State Oil Company of the Republic of Azerbaijan v Mubariz Mansimov and others [2026] EWHC 2102 (Comm)
  case-law
- Ziyavudin Magomedov v TPG Group Holdings (SBS), LP and others [2026] EWCA Civ 516
  case-law
- Belmont Finance Corporation v Williams Furniture Ltd and others (No 2) (1980) 1 All E.R. 393
  case-law
- Kayat Trading Ltd v Genzyme Corporation (No. 1) (2013) 1A A.A.D. 438
  case-law
- Philippou General Bonded Warehouse Ltd v Costa Nicolaides (2006) 1(B) A.A.D. 1060
  case-law
Source
Date not availableArbitration
Date not availableArbitration
GAFTA appeal decision 4294 dated 5 February 2013
Grain and Feed Trade Association (GAFTA)
Award no.
4294
Decision summary
The GAFTA appeal ordered BSC GmbH to pay Nibulon S.A. USD 2,694,376.40 plus 3.5% annual interest compounded from 13 December 2010 until payment.
Participants
Grain and Feed Trade Association (GAFTA)
Mentioned in judgment
Date not availableArbitration
Date not availableArbitration
GAFTA appeal decision 4301 dated 5 February 2013
Grain and Feed Trade Association (GAFTA)
Award no.
4301
Decision summary
The GAFTA appeal ordered BSC GmbH to pay Nibulon S.A. USD 1,596,800 plus 3.5% annual interest compounded from 13 December 2010 until payment.
Participants
Grain and Feed Trade Association (GAFTA)
Mentioned in judgment
Date not availableArbitration
Date not availableArbitration
GAFTA arbitral award dated 15 February 2012
Grain and Feed Trade Association (GAFTA)
Decision summary
The award ordered BSC GmbH to pay Nibulon S.A. compensation under the grain-sale contracts.
Participants
Grain and Feed Trade Association (GAFTA)
Mentioned in judgment
Date not availableArbitration
Date not availableArbitration
GAFTA arbitral award dated 26 January 2012
Grain and Feed Trade Association (GAFTA)
Decision summary
The award ordered BSC GmbH to pay Nibulon S.A. compensation under the grain-sale contracts.
Participants
Grain and Feed Trade Association (GAFTA)
Mentioned in judgment

Procedural record

Participants

Nibulon S.A.

BSC GmbH

Carpentaria Trading Limited

AGROTRADE Group S.A.

AGT Capital Management Limited

Ursule Business S.A.

AGROTRADE Capital LLC

Vsevolod Sergiiovych Kozhemyako

Nicosia District Court

Other

Authorities cited

Participants

Grain and Feed Trade Association (GAFTA)

Participants

Grain and Feed Trade Association (GAFTA)

Participants

Grain and Feed Trade Association (GAFTA)

Participants

Grain and Feed Trade Association (GAFTA)