12:54 08.04.2015

London arbitration tribunal confirms lawfulness of execution call option on SkyMall for Arricano

2 min read
London arbitration tribunal confirms lawfulness of execution call option on SkyMall for Arricano

The London Court of International Arbitration tribunal on March 31 ruled that Arricano Real Estate Plc had satisfied the conditions required by the relevant agreements and previous awards in this arbitration case made on August 17, 2014, in its attempt to execute the call option of Assofit Holdings Limited. The company placed funds in the account of an independent third party required to execute the call option in full before January 1, 2015.

According to a report issued by Arricano on Tuesday, the company officially confirmed its desire and financial ability to buy a majority stake in SkyMall shopping center from Stockman Interhold affiliated with Andriy Adamovsky under the conditions stipulated by the arbitration tribunal.

"The London arbitration tribunal, the impartiality of which is recognized all over the world, by its decision of March 31, 2015 sent a further award to Arricano. The arbitration tribunal gave the definite answer – Arricano executed the call option, and Arricano has the right to again become the holder of 100% of shares in Assofit and SkyMall," reads the report, citing member of Arricano Real Estate Plc's Board Yarema Kovaliv.

The company said that it plans to return SkyMall legally. Court hearings on the losses Arricano faced over the period when Stockman company managed SkyMall (from March 2012) are underway. The developer said that the loss amounts to nearly $60 million.

Arricano said it asked high-ranking officials of the state including President Petro Poroshenko, Prime Minister Arseniy Yatseniuk, and Prosecutor General Viktor Shokin to ensure a proper investigation into the claim it sent to the Prosecutor General's Office and the unbiased attitude of law-enforcement agencies towards the company. The only thing needed for Ukraine to become a fully functional part of Europe is to ensure the observation of Ukrainian law and respect for European justice, Arricano said.

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