A London trial has got underway in which Bank St Petersburg (BSP) is claiming Oslo Marine Group (OMG) chief executive Vitaly Arkhangelsky is liable for $90m in loan guarantees, while the Russian businessman is counter claiming for damages of $500m.

BSP has frozen Arkhangelsky’s assets and is pursuing a lawsuit that claims he misappropriated funds after OMG ran into cash-flow problems arising from the global credit crunch in 2008.

Arkhangelsky