Ukraine's overseas property could be seized if Gala Radio investor fails to get over $8 m in compensation
Kyiv, April 5 (Interfax-Ukraine) – Ukraine's overseas property could be seized if Ukraine fails to observe a ruling by the Arbitral Tribunal of the International Centre for Settlement of Investment Disputes (ICSID) to pay $8,717,850 in compensation to Gala Radio investor Joseph Lemire for denying fair and equitable treatment during the holding of tenders on the allocation of radio frequencies.
"The fact that Ukraine is a party to the ICSID Convention gives us the right to find Ukraine's assets abroad and seize them in order to compensate for losses," Founding Partner of the Derains & Gharavi Law Firm Hamid Gharavi said at a press conference at Interfax- Ukraine on Tuesday.
He noted that the tribunal's ruling would remain in force even if Ukraine files an application to cancel the ruling.
Lemire, in turn, described the Arbitral Tribunal's ruling as positive for Ukraine.
"Now people in Ukraine are saying that there should be more freedom of speech and free access to tenders," he said.
At the same time, the investor said that no government officials had so far contacted Gala Radio's investors to seek a compromise on the matter.
Lemire's representative, Serhiy Denysenko, said that a law firm representing the interests of Ukraine in the Arbitral Tribunal had been notified by letter with a proposal to specify within a week when Ukraine will pay monetary compensation.
"The term expires today [on Tuesday, April 5]. If we get no dates from the government on the terms of compensation payments by the end of the day, then the procedure for implementing the ruling begins automatically," he said.