Touted as the largest wind up in the history of the state, the multi-billion euro assets of GTLK Europe are in reality far more nebulous. The liquidators have an upward battle to recover for bondholders.
An offshoot of Rusal, the parent company of Aughinish Alumina, is suing the Irish subsidiary of the Russian GTLK group for $20 million arising from the breakdown of a shipping deal, seemingly as a result of western sanctions.
Four Cypriot-registered companies say they have been left in limbo over a €130 million charter deal with the Irish-registered but Russian-owned leasing company GTLK Europe.
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