The Isle of Man high court has dismissed all claims made by a Russian state-owned bank in a case involving a private jet stranded in Moscow.

VTB Bank was granted a worldwide freezing order in September 2019 against Russian businessman Dmitry Petrovich Mazurov and Manx company Campino.

Mazurov, former owner of Russia’s largest independent oil refinery, is serving 10 years in a strict regime penal colony after being found guilty of fraud and embezzlement by a Russian court in 2023.

Campino was alleged by Russian national bank VTB to be beneficially owned by Mazurov.

Its sole substantial asset, a Bombardier jet aircraft, has been stranded in Moscow since before the beginning of hostilities between Russia and Ukraine.

VTB’s high claim began in 2019 but only finally went to trial in February this year, with the case heard over four days.

The claimants alleged the transfer of legal and/or beneficial ownership of Campino were ‘sham’ transactions for the sole purpose of transferring Mazurov’s assets out of his name in an attempt to defraud creditors.

But defendants Global Marine Fuel, Maka Asatiani and Sophio Tavartkiladze maintained that they have been legal owners of Campino since at least September 2019, although beneficial ownership was transferred in the March before.

Mazurov had never been a director or shareholder of Campino.

In a judgment handed down on May 29, Deemster Andrew Corlett dismissed all of the claimant’s claims, concluding they had a complete lack of merit.

He concluded that there was no factual or legal basis for VTB’s claims that Mazurov was and/or remains the ultimate beneficial owner of Campino after September 2019 or that the transactions purporting to transfer ownership were sham.

Similarly, he rejected the claim that the defendants had conspired with Mazurov, held Campino on trust for him and had dishonestly assisted or knowingly participated in the transactions.