18:50 26.10.2018

Kernel to contest arbitration decision in case on buying Stiomi-Holding in High Court of Justice in London

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Kernel to contest arbitration decision in case on buying Stiomi-Holding in High Court of Justice in London

Kernel, one of the largest Ukrainian agricultural groups, intends to contest the decision of the arbitration court in the case on the purchase of Stiomi-Holding LLC in the High Court of Justice in London.

According to the group's annual financial report, Kernel in early March 2018 received the ruling on arbitration proceedings (the court's jurisdiction is not specified in the report) regarding the purchase of the company in April 2012.

The decision of the arbitration is not specified in the document, at the same time it is indicated that Kernel intends to contest it in the High Court of Justice in London.

Kernel also said that as of June 30, 2018 the group's structures in the framework of this transaction transferred $33.47 million to Stiomi-Holding structures. The remaining amount, in accordance with the agreements, was subject to payment after Stiomi-Holding fulfills certain conditions. Kernel claims that the agreed conditions were not met, after which the parties entered into litigation.

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