10:35 05.09.2018

Ukrgazvydobuvannia hopes accounts to be unblocked quickly by Supreme Court ruling

2 min read
Ukrgazvydobuvannia hopes accounts to be unblocked quickly by Supreme Court ruling

The Supreme Court of Ukraine has ruled to terminate the execution of a ruling of the business court of Kyiv dated August 17, 2018, according to which accounts of Ukrgazvydobuvannia were arrested and the company's operations were blocked, the company's press service reported on Monday.

"Despite this Supreme Court decision and the fact that on August 31, the lawyers of Ukrgazvydobuvannia submitted all necessary documents to the Department of the State Enforcement Service of the Ministry of Justice of Ukraine for the cancellation of the enforcement, the enforcement actions to implement the decision of the business court of Kyiv by the state enforcement officer have not been stopped," the company said.

The State Enforcement Service has blocked the accounts of Ukrgazvydobuvannia for recovery of UAH 261 million due to the violation of obligations under a leasing agreement to Financial Leasing Center LLC by Karpatygaz LLC as an operator under a joint venture (JV) agreement.

"When blocking the operation of Ukrgazvydobuvannia, seizing its accounts and collecting funds, the Ukrainian judicial and enforcement systems demonstrated remarkable dexterity. I hope that now, when this decision has been suspended by the court of higher instance, the state enforcement officers of the State Enforcement Service will demonstrate a state position and show equally high-quality and quick work in the execution of the Supreme Court decision and stop the execution of enforcement actions in the shortest possible time," Ukrgazvydobuvannia Head Oleh Prokhorenko said.

As reported, the Arbitration Institute of the Stockholm Chamber of Commerce issued a partial award in the case initiated by JSC Ukrgazvydobuvannia against Karpatygaz LLC and its shareholder Misen Enterprises AB (Sweden) regarding termination of a JV agreement.

The Tribunal found that the JV agreement had been violated by both Misen Enterprises AB (contributed only $ 3.9 million out of $ 12.5 million to the JV) and Karpatygaz (failure to supply metering stations as stipulated under the terms of the agreement).

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