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Zivkovic Samardzic Achieves Supreme Court of Cassation Victory for Vojvodjanska Banka

Zivkovic Samardzic Achieves Supreme Court of Cassation Victory for Vojvodjanska Banka

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Zivkovic Samardzic has successfully represented Vojvodjanska Banka a.d. Novi Sad before Serbia's Supreme Court of Cassation in civil proceedings related to a bank guarantee issued by the bank’s legal predecessor to Moscow Investment Bank (MIB) as collateral for a USD 3 million loan granted to petrochemical plant HIP Pancevo.

According to Zivkovic Samardzic, Vojvodjanska Banka — a member of the National Bank of Greece Group — was defendant in litigation initiated by PFHC Establishment, a company from Liechtenstein to which receivables related to the USD 3 million loan originally granted by MIB to HIP Pancevo, were assigned. Once the original loan was granted, the legal predecessor of Vojvodjanska Banka issued a bank guarantee as collateral.

In the course of proceedings, according to Zivkovic Samardzic, "it was established that MIB had returned the original of the guarantee with an explanation that the transaction was completed, but later on had sent a swift message demanding the guarantee back and claiming that it was returned by mistake of an employee."

The Commercial Court in Pancevo initially rejected all PFHC Establishment claims in 2010. However, that decision was quashed and a retrial ordered by the Commercial Appellate Court upon plaintiff’s appeal in 2013.  Zivkovic Samardzic was retained to represent Vojvodjanska Banka at the commencement of the retrial. The first instance judgement in the retrial was once again in favor of Vojvodjanska Banka, but this time it was confirmed by the Commercial Appellate Court in September 2015, and now finally by the Supreme Court of Cassation.

In essence, Zivkovic Samardzic reports, "the Supreme Court of Cassation confirmed the standpoint of Zivkovic Samardzic lawyers that the form prescribed for interbank communication concerning bank guarantees was not followed by the Moscow Investment Bank’s swift message sent to the defendant after the original of the guarantee was returned, and for those reasons the swift message produced no legal consequences."

The Zivkovic Samardzic team representing Vojvodjanska Banka was led by Partner Milos Milosevic and Senior Associate Marko Trisic. 

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