Nastya (Anastasia) Malyugina

Director, Russia and CIS disputes

Nastya leads the Russia & CIS desk within UK Forensics, advising clients on the financial and accounting aspects of claims arising from the region. Nastya’s typical clients are high net worth individuals, banks, large corporations and governments faced with contentious matters in the CIS and requiring accounting advice in the context of ongoing or prospective arbitration and litigation (including quantification of loss and damages). Nastya also has substantial experience in analysing suspicious transactions, money laundering issues and loan portfolio quality in financial institutions, including for the purposes of litigation.

Nastya is a native Russian speaker. Between 2009 and 2015, she was based in PwC’s Forensics team in Moscow, where she handled some of the region’s most high profile fraud, corruption and AML/KYC matters and disputes, giving her first-hand understanding of region specific issues. 

Nastya is an Executive Committee Member of the Russian and CIS Arbitration Network (RCAN), and a regular speaker at conferences and events relating to the CIS

Highlights of Nastya’s experience

  • Acting for a failed Kazakhstan bank in a cross-jurisdictional investigation and asset recovery exercise to support the bank’s UK High Court claims of over $6 billion against its former management. The matter spanned for several years, and involved, inter alia, investigation and transactional analysis of several large fraud claims, and management of a highly complex electronic document review and disclosure process.
  • Acting for a failed Russian bank bringing claims of in excess of $1 billion in the UK High Court against the bank’s former shareholders. The matter involved quantification of the loss to the bank, as well as analysis into whether a number of loss-making transactions (transactions to the detriment of the bank) appeared to have been performed for the benefit of the former shareholders.
  • Acting for a Russian billionaire in an LCIA dispute brought by their former business partner in relation to a real estate asset in Moscow, with claims in excess of $400 million. The matter involved valuing a stake in the joint business, and analysing whether related party transactions had been concluded on arm’s-length terms and whether the business had been mismanaged.
  • Acting for a Central Asian state in a multi-billion dollar investment arbitration brought by a foreign investor alleging its uranium mines had been expropriated by the state. Involved quantification of loss, including analysis of the likely outcome to the mining enterprise “but for” the alleged actions of the state in light of the turbulent economic conditions.
  • Advising a major Russian bank on the financial aspects of a breach of warranty claim following the bank’s acquisition of another bank in Eastern Europe, the purchase price being in excess of EUR 0.5 billion. The matter involved analysing whether the purchase price had been overstated due to under-provisioning at the target bank and whether local or international financial regulations had been breached.
  • Advising an Eastern European state on the financial merits of a potential claim in connection with a $0.5bn cost overrun on a $1bn power plant construction project.
  • Advised a major global bank on the Know Your Customer aspects of its internal investigation into one of the largest money laundering matters arising out of the CIS, involving allegations of many billions of dollars having been laundered through the bank’s CIS subsidiary.
  • Advised on development and implementation of Know Your Customer procedures (to comply with both global and local standards) in a Russian subsidiary of one of the world’s largest banks – including end-to-end support from the initial outline of the requirements to the roll-out of the procedures and the training of the local team. 
  • Led the forensic accounting and e-discovery workstreams in one of the region’s largest SEC investigations (FCPA) on behalf of a major listed telecoms company. The investigation lasted for over a year and related to alleged instances of bribery and corruption in the company’s Central Asian subsidiary. It involved unwinding highly complex transactions with a value of in excess of $1bn over a period of 10 years.
  • Assisted a Chinese oil & gas giant to forensically examine over $200 million of raw material expenses incurred by its Central Asian joint venture – to establish whether the local JV partner had been stripping the JV of its assets.

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Specialism

  • Russia and CIS disputes