High Court of Justice to hold hearing in Merchant vs Naftogaz case on May 2

12:20, 01.05.2017 1 min read

The High Court of Justice in London on May on May 2, 2017 is to hold a new round of proceedings in the Merchant International Company Ltd. (the United States) versus national joint-stock company Naftogaz Ukrainy case, the court has reported.

The debt demanded by the claimant from Naftogaz in the amount of $24.72 million was formed in 1990s. Merchant is the assignee under an assignment agreement dated 1998 of a substantial debt originally owed by the defendant’s (Naftogaz) legal predecessor to Gazprom.

The court launched proceedings where the claimant is seeking to obtain 5.8% of shares in Britain's JKX Oil&Gas with assets in Ukraine belonged to Naftogaz.

On June 4, 2015 the court satisfied the application of Merchant and appointed the receiver of the shares to execute the default judgment of the British court dated February 28, 2011.

Naftogaz Ukrainy unites oil and gas production assets in Ukraine, and is the country's gas transit, underground gas storage, and oil pipeline transportation monopoly.