15:45 12.02.2021

Misen receives $47.1 mln of compensation from Ukrgazvydobuvannia in line with court ruling

1 min read
Misen receives $47.1 mln of compensation from Ukrgazvydobuvannia in line with court ruling

Misen Enterprises AB (Sweden) received $47.06 million from Ukrgazvydobuvannia (UGV), a subsidiary of Naftogaz Ukrainy, in an arbitration dispute over a stake in the Joint Activity in accordance with a ruling by the Kyiv Court of Appeal made on January 5, 2021.

According to the report of Misen Energy AB (publ) on its website, another UAH 1 million was received by another company under its control – Karpatygaz LLC.

Ukrgazvydobuvannia also paid UAH 236.11 million in nonresident income tax to the state budget.

According to the report, this compensation reflects Misen Enterprises AB's and LLC Karpatygaz's share of the replacement costs of the equipment subject to the joint ownership under the Joint Activity agreement.

"However, this compensation does not reflect the going concern value of Misen Energy AB (publ.)'s share at the time the exorbitant subsoil use tax was imposed on the Joint Activity, which led to the termination of the Joint Activity Agreement. Misen Energy AB (publ) and its partially owned subsidiaries reserve all their rights in this respect," Misen said.

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