Charles Balmain

Acting for the Republic of Mozambique on the USD2 billion "Tuna Bond scandal" which saw USD2 billion borrowed on the strength of sovereign guarantees procured through bribery and corruption. The mandate involves extremely complex issues resulting from the interface between English law governed debt obligations, the effect of bribery and corruption upon their legality, and the conduct of parallel Swiss Arbitrations, English High Court proceedings and the criminal proceedings in the US and Mozambique.

Acted for Adler Group S.A. and its subsidiaries in a widely publicised restructuring of its financial obligations, including in particular, changing the terms and conditions of various bonds issued by Adler Group with an aggregate nominal amount of EUR 6.1bn. The restructuring was effected by way of a Restructuring Plan under Part 26A of the Companies Act 2006.

Acting for Greensill Bank AG and Dr. Michael C. Frege, in his capacity as Insolvency Administrator of Greensill Bank AG, in English Court proceedings in respect of a contractual dispute involving the transfer of notes relevant to insurance-related litigation in Australia.

Adivising a private investment firm in relation to civil fraud claims against the shareholders and directors of a company in which it has invested.

Acting for a Fund in a claim against the Republic of Argentina for payment under certain Euro-denominated securities.

Advising the Ministry of Finance of Ukraine on contentious issues resulting from its 2015 sovereign debt restructuring, including advising on sovereign immunity issues and devising asset protection strategies for the State and its SOEs.

Acting for the International Bank of Azerbaijan in connection with the recognition in the UK of the Bank's Azeri restructuring of approximately GBP2.5 billion of financial indebtedness. The case raised fundamental issues of cross-border insolvency law, with our client challenging long-established English common law rules as incompatible with modern cross-border insolvencies under the UNCITRAL model law.

Advising Saudi Aramco on sovereign immunity and enforcement issues arising in connection with its IPO.

Advising the Republic of Kazakhstan on sovereign immunity and enforcement issues in connection with a Eurobond issuance.

Representing BTA Bank in the UK recognition of the restructuring of its USD11.1 billion of financial indebtedness.

Acting for a syndicate of international banks in connection with the recovery of in excess of USD1 billion owed to the syndicate by ministries of a sovereign state.

Advising a Middle Eastern bank in relation to a portfolio of non-performing loans in excess of US$500 million and acting as coordinating counsel for its global enforcement strategy.

Acting for Swissport Group in successive English law schemes of arrangement and a pre-pack administration to effect the group's financial restructuring via a debt-for-equity swap and transfer of ownership to a group of global financial investors.

Acting for a syndicate of Chinese lenders in a claim brought in the English Commercial Court enforcing security against an Indian promoter in relation to a US$925 million facility. As part of the proceedings, the team obtained the largest conditional order ever made against an individual (requiring the payment into Court of US$100 million).

Acting for a European investment bank in proceedings before the English High Court concerning the extent of the bank's obligation to pay out under an English law performance bond while enjoined from doing so by an order of a continental European Court.