London court rejects SCM lawsuit on Ukrtelecom case, company to continue defending its position
The High Court of Justice in London on May 3 rejected the statement filed by SCM Financial Overseas Limited from SCM Group on sending for consideration to the London Court of International Arbitration (LCIA) a case related to the sale of Ukrtelecom, in which the LCIA previously ruled in favor of Raga Establishment.
"The application was filed on procedural grounds, and today's decision will not affect the legality of SCM's claims against Raga now being under consideration. This decision indicates that the LCIA did not consider "potentially very important evidence," as a result of consideration of which the outcome of the case and the arbitration decision could be different," SCM said in a statement to Interfax-Ukraine.
SCM explains that contesting the arbitration decision in the High Court of Justice in London was based on the fact that the LCIA had to postpone it until legal proceedings on the privatization of Ukrtelecom in Ukraine are completed. This would give an opportunity to take into account and consider all the relevant facts in this case.
"We are disappointed by today's decision of the High Court and, nevertheless, this does not mean that the LCIA arbitration came to the correct conclusion in its decision against SCM. As the judge said, today's decision is limited to a solely procedural issue," Director of International and Investor Relations at SCM Jock Mendoza-Wilson said.