Oireachtas Joint and Select Committees

Wednesday, 1 June 2022

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Use of Section 110 by Russian Firms: Dr. Jim Stewart

Dr. Jim Stewart:

This is interesting. There was a court case involving an asset in Russia that was owned outside of Russia and Ireland. A chemical firm called Toaz, based in Russia, was owned by a particular family or oligarch. Another oligarch tried to take it over and there was an allegation of intimidation and so on. The court case was heard in Ireland because it was deemed that this was where the asset was owned or held. The firm's ownership was actually held in Bermuda. Nevertheless, it was decided that the court case on whether compensation should be paid for the alleged intimidatory behaviour would take place in Ireland. It is an interesting instance of a dispute among oligarchs over the ownership of assets in Russia. This is happening all of the time, but often in Russian courts. Sometimes, it has happened in UK courts, where interesting information has been revealed. As far as I know, this was the first instance of such information being revealed through an Irish court case.

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