14:52 18.06.2019

Final award of Stockholm arbitration tribunal in Ukrnafta case expected no earlier than 2020

2 min read
Final award of Stockholm arbitration tribunal in Ukrnafta case expected no earlier than 2020

The final award of the Arbitration Institute of the Stockholm Chamber of Commerce in the dispute initiated by three companies of Ihor Kolomoisky and Hennadiy Boholiubov (Littop Enterprises Limited, Bridgemont Ventures Limited, Bordo Management Limited) against Ukraine is expected to be issued not earlier than 2020, according to the prospectus for the issue of Ukrainian eurobonds forwarded to Interfax-Ukraine.

"Oral hearings in the case were held from 1 until 18 April 2019 in London. Following the hearings, the parties agreed the date for submission of the first round post-hearing briefs, which is 31 July 2019. The second round of oral hearings is scheduled for 18 October 2019. The final award is expected to be issued not earlier than 2020," the Ukrainian government said in the document.

As reported, these minority shareholders of PJSC Ukrnafta in June 2015 filed a lawsuit with the Arbitration Institute of the Stockholm Chamber of Commerce against the state of Ukraine. They, in particular, accuse Ukraine of causing damage due to pumping of gas produced by Ukrnafta, without payment or with payment at a lower price; the failure of Naftogaz Ukraniny and Ukrtransgaz to comply with the decisions of the Ukrainian courts; a rapid increase in the rates of royalties for subsoil use; reduction of the quorum at holding joint-stock companies meetings. Early 2018, it became known that the amount in dispute by Ukrnafta's minority shareholders against Ukraine increased from $4.7 billion to $5.4 billion.

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