Following a trial on 29 and 30 October 2025, EMIS is pleased to announce an overwhelming victory in its dispute with ICU Trading and the GLAS Group in the High Court of England and Wales. In a comprehensive judgment handed down earlier today, Mr Justice Henshaw has provided unequivocal clarity: only EMIS holds the contractual power to both appoint and remove the Trustee under the LPNs. ICU and GLAS’s attempt to seize control of the trust structure by installing GLAS as Trustee of the Series 26 and 31 Notes has been ruled invalid and ineffective. Today’s judgment follows ICU’s earlier capitulation over its attempt to install GLAS as Principal Paying Agent, which it conceded it was not entitled to do shortly before trial. While Noteholders may vote to remove a Trustee, such removal can only be effective in limited circumstances.
EMIS has consistently warned that ICU’s unilateral actions threatened to destabilise the LPN programme and undermine the collective interests of all Noteholders. Despite such warnings, ICU and the GLAS Group refused to resile from their erroneous positions. Today’s judgment vindicates EMIS’s position and delivers a clear message that self-serving and aggressive tactics by speculative distressed-debt investors will not overcome the contractual protections designed to safeguard all Noteholders.
In the meantime, EMIS will continue to prosecute its ICSID arbitration against Ukraine for the unlawful expropriation of Sense Bank. This claim seeks substantial compensation for losses caused by Ukraine’s actions, and EMIS will pursue it vigorously to deliver value back to Noteholders.
Today’s judgment is not just a legal victory, it is a reaffirmation of EMIS’s resolve and commitment to Noteholders. EMIS will not allow opportunistic strategists to compromise the orderly administration of the LPN Programme. EMIS will continue to act transparently, forcefully, and in strict compliance with all relevant law to protect the interests of all Noteholders.
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