High Court of Justice in London makes decision in favor of Arricano in Sky Mall dispute
The High Court of Justice in London has dismissed the claims filed by Stockman Interhold S.A. (British Virgin Islands) challenging the awards rendered in the London Court of International Arbitration proceedings between Arricano Real Estate Plc (Cyprus) and Stockman (the LCIA Arbitration).
The LCIA Arbitration concerns a dispute over the ownership of Assofit Holdings Limited, a holding company, which held the Sky Mall shopping center and in particular, the transfer of Stockman's shares in Assofit to Arricano.
According to a report of Arricano on the website of the London Stock Exchange (LSE), the High Court of Justice issued its judgment on November 30, 2017.
In particular, the court upheld the Seventh award dated 5 May 2016. By the award, the tribunal ruled that Stockman must transfer, or procure the transfer of the option shares to Arricano within 30 days of the award, and Arricano shall pay Stockman the option price minus damages, which nets out to nil.
The court rejected Stockman's applications to set aside or remit the Fifth and Seventh Awards. The court agreed with the tribunal's determinations on jurisdiction and found that it did have jurisdiction to order the relief it did in the Seventh Award.
"This result wholly vindicates our position and the previous Awards made by the High Court. Stockman's challenges have all failed and it is now in the interests of all parties in Ukraine to put an end to this matter," CEO of Arricano Mykhailo Merkulov said.