Creation of investment court will help conducting business in Ukraine – opinion
The creation of an investment court, an idea promulgated by Ukraine's Justice Minister Denys Maliuska, could facilitate doing business in Ukraine, Head of the Omerta Organized Law Group Yevhen Fedoseyev has said.
"The declared creation of an investment court will greatly facilitate doing business in Ukraine, because if investors have a virtually unconditional guarantee that in any case, their property rights and interests are practically not threatened, they will start investing more in our country," he told Interfax-Ukraine.
The lawyer noted that this initiative is not new, and similar courts already exist in a number of countries.
"Investors from all over the world are increasingly turning to investment arbitration as a way of resolving a dispute with the state every year. This mechanism for protecting the rights of an investor has proved to be effective, which is confirmed by both the number of international bilateral and multilateral agreements containing clauses on investment arbitration, and the number of initiated cases," he said.
Fedoseyev recalled that a permanent arbitration institute, the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry, has been operating in Ukraine for more than 25 years, however, appeals to him are not too popular, since none of the agreements Ukraine concluded on mutual assistance and protection of foreign investment provides for the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry as an institution for resolving investment disputes, as well as because of general legal nihilism.
"Of course, the new court in Ukraine will need to develop a practice that has been built in the courts of Western Europe for decades, however, the transparency of the creation of such a body, its competence, objectivity can create a positive image not only for the body itself, but also for the state as a whole, which will ensure inflow of new investors into the country," the lawyer emphasized.
As reported, in early July at a meeting with European business representatives, Maliuska announced an initiative to create a concept for creating a separate court that would deal with investors' cases - arbitration or a separate court that would consider cases with the participation of business.