Stockholm arbitration institute to hear Ukrnafta minority shareholders' lawsuit against Ukraine in Feb 2018

22:39, 13.09.2017 1 min read

The Arbitration Institute of the Stockholm Chamber of Commerce will hear a lawsuit of minority shareholders of public joint-stock company Ukrnafta against Ukraine for $4.7 billion on February 19 through February 26, 2018, according to an offering memorandum for Ukraine's eurobonds.

As reported, Littop Enterprises Limited, Bridgemont Ventures Limited, and Bordo Management Limited, the minority shareholders of Ukrnafta, filed a claim with the Arbitration Institute of the Stockholm Chamber of Commerce in June 2015, demanding $4.7 billion in compensation for the actions of the government and Naftogaz Ukrainy on limiting the company's ability to freely sell gas and violating the agreement on cooperation and mutual understanding.

The Justice Ministry of Ukraine attracted Britain's Latham & Watkins to provide services in this case.

Naftogaz Ukrainy holds 50% plus one share in Ukrnafta, Privat Group holds about 42% of the shares.