19:05 19.05.2017

Higher specialized court halts execution of ruling on recovery of Odesa port-side plant's debt in favor of Ostchem

Higher specialized court halts execution of ruling on recovery of Odesa port-side plant's debt in favor of Ostchem

The Higher Specialized Court of Ukraine for consideration of civil and criminal cases has halted the execution of the ruling of Yuzhny City Court in Odesa region to recover $193 million from Odesa Port-Side Chemical Plant in favor of Ostchem belonging to Dmytro Firtash, according to the website of the State Property Fund of Ukraine (SPF).

"The Higher Specialized Court of Ukraine for consideration of civil and criminal cases by its ruling of May 17 accepted a cassation appeal of the SPF in the case of Odesa port-side plant's debt to Ostchem. In addition, by the decision the court halted the execution of the ruling of Yuzhny City Court in Odesa region," the report reads.

As reported, Yuzhny City Court by the decision dated March 6, 2017 granted the petition of Ostchem Holding Limited to recognize and permit the compulsory execution in Ukraine of a partial arbitration ruling of the Stockholm Arbitration of July 25, 2016 in the case on the recovery of $193.26 million of debt principal and $57.98 million of accrued interest from Odesa port-side plant in favor of Ostchem. This verdict was subsequently confirmed by the Court of Appeals of Odesa region.

The SPF filed a cassation appeal to the Higher Specialized Court of Ukraine for consideration of civil and criminal cases on May 13, 2017.

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