London court issues final decision on ownership rights to Kyiv's Sky Mall
The London Court of International Arbitration (LCIA) has obliged Stockman Interhold S.A. (British Virgin Islands) to transfer its shares in Assofit Holdings Limited, the project company of Kyiv-based Sky Mall, to ownership of Arricano Real Estate Plc (both based in Cyprus).
Arricano Director General Mykhailo Merkulov said at a press conference in Kyiv on Thursday that LCIA issued the verdict on May 5, 2016 in the arbitration on ownership rights to Assofit.
"Litigation over Assofit Holdings Limited, the project company that invested in Sky Mall, lasted for over five years in several jurisdictions, including in LCIA. The company presented the interests of its shareholders – Arricano and Stockman… The headline-making decision of the court is that within one month, until June 5, 2016, Stockman is to transfer shares in Assofit to Arricano for $0," Merkulov said.
He said that under the court decision Arricano can demand to refund losses seen when the company lost control over Sky Mall from Stockman if the latter does not transfer its shares in Assofit to Arricano.
Head of the law group involved in the lawsuit to return Arricano's assets, Yevhen Maleyev said that the company is to achieve the restoration of the structure of Assofit's assets at the moment when arbitration began to return control over management and financial flows of the mall.
He said that Assofit is to restore control over Prizma Beta LLC (the formal owner of the mall) shares of which were transferred to other companies. The mall with all its facilities, which were transferred to bank Pivdenny in 2014, is to be returned to ownership of Prizma Beta. Assofit is to return some $100 million worth of loans.
Merkulov said that the return of control over Sky Mall could be delayed if officials do not help in the matter.
"We cold return Sky Mall by legal actions as prescribed in law, this is the issue of time. This could take 10 years, and with political will this could happen in a month," he said.
Arricano Real Estate Plc, a leading developer on the Ukrainian real estate market, builds shopping and leisure centers.