Odesa, 22 June 2015. Private enterprise Container Terminal Illichivsk (CTI) whose owners include the U.S. and German investors, will demand a compensation for the termination of the joint investment agreement between CTI and Illichivsk Commercial Sea Port (ICSP). To this end, CTI filed a suit against ICSP in the Odesa Regional Economic Court claiming property rights for the assets contributed by the CTI to the joint venture in the amount of $30,393,142. In addition, CTI filed a separate suit against ICSP and Ministry of Infrastructure in the Kyiv Economic Court claiming reimbursement for $20,654,851 invested into the reconstruction of the berths and port's equipment repair and $540,446,651 for the compensation of the lost profit. "We have tried to solve the issue of property rights for the harbor cranes and other property according to the terms of the agreement and Civil Code of Ukraine. Since ICSP refused to recognize that the CTI has property rights for these assets, we were forced to turn to court. From a legal point of view, the law is on our side," noted Andriy Pavlyutin, CEO of the CTI. "With regards to the second legal suit related to the claim for compensation of the invested funds into the port's infrastructure and lost profit, it is also legally substantiated. Such form of "divorce" was stipulated in the joint investment agreement," added Pavlyutin. "It is clearly stated in the agreement that in the event of the termination of the agreement ICSP will be obliged to return CTI's contribution and compensate for the lost profit until 2035. The total amount exceeds half a billion U.S. dollars which will have to be paid by the ICSP and Ministry of Infrastructure. We have informed all the involved parties about these implications before." As reported earlier, the joint investment agreement between the CTI and ICSP concluded by the parties in 2005 for the period of 30 years was terminated by the courts in 2015. CTI was established in 2005 with the aim of expanding the infrastructure and freight turnover of the Illichivsk Commercial Sea Port. Based on the joint investment agreement concluded between CTI and ICSP, CTI invested $56 million in the major overhaul of the container terminal. CTI's foreign investors are a U.S. investment fund Siguler Guff & Company and German forwarding company SRR Deutschland. Additional information can be found at www.kti-terminal.com or via phone +38 063 725 22 22, or e-mail: [email protected]