19:20 15.03.2018

Stockholm arbitration will hold hearings on Ukrnafta minor shareholders' lawsuit against Ukraine in Oct

1 min read

The Arbitration Institute of the Stockholm Chamber of Commerce will hold hearings on the lawsuit of the minority shareholders of Ukrnafta against Ukraine for $5.4 billion in October this year, according to an explanatory note to the Cabinet of Ministers' draft resolution on involvement of law firms in international litigation.

"Hearings on the case are scheduled for October 8-12 and October 22-26, 2018," the document reads.

It is planned to attract the British law firm Latham & Watkins or Hogan Lovells International to defend the interests of Ukraine in the framework of the case.

As reported, the minority shareholders of PJSC Ukrnafta (Cypriot-based Littop Enterprises, Bridgemont Ventures, Bordo Management) in June 2015 filed a lawsuit to the Stockholm arbitration against the state of Ukraine.

They, in particular, accuse Ukraine of causing damage due to taking gas produced by Ukrnafta without payment or with payment at an underestimated price, the failure of Naftogaz Ukrainy and Ukrtransgaz to execute the rulings of Ukrainian courts, a rapid increase in rates of payment for subsoil use, and the reduction of quorum during holding meetings of joint-stock companies.

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