The legal conflict over Fortenova Group’s control has reached Malta, with two Maltese companies facing a €40 million garnishee order on behalf of a Russian company, SBK ART LLC. This action is part of an intricate international dispute involving Fortenova, one of Croatia’s leading food producers and retailers. The controversy stems from a restructuring objection by some depository receipt holders and the ensuing exclusion of Fortenova’s largest shareholder due to sanctions.
A key development in the saga is the involvement of Maltese lawyers John Refalo and Gabrielle Scicluna from Refalo, who are representing Russian citizen Mikhail Mokhovikov and SBK ART LLC. The lawyers have taken steps to challenge the legitimacy of Fortenova’s corporate actions in Maltese court, accusing Fortenova-related entities and individuals of misusing their positions to bring about corporate changes and seize control.
The case, brought forward by the legal team, has moved the battleground to Malta, where the initial court session is expected shortly. The lawyers’ manoeuvres highlight the significant role legal representation plays in international corporate disputes, particularly in the context of cross-jurisdictional challenges and complex sanction-related regulations.
