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Economy 2019-03-15T04:32:22+02:00
Ukrainian news
Group DF: Supreme Court Refusal To Recognize Stockholm Arbitration Decision That Ordered OPP To Pay OstChem UA

Group DF: Supreme Court Refusal To Recognize Stockholm Arbitration Decision That Ordered OPP To Pay OstChem UAH 5.2 Billion Violates Ukraine's International Obligations

The Group DF group of companies believes that the Supreme Court's annulment of a court ruling that recognized the decision of the Arbitration Institute of the Stockholm Chamber of Commerce (Sweden) that ordered the Odesa port plant (OPP), which is the largest producer of ammonia and urea fertilizer in Ukraine, to pay OstChem Holding Limited (part of Group DF) a debt of UAH 5.241 billion violates Ukraine's obligations under the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

Group DF announced this in a statement, the Ukrainian News Agency reports.

"Group DF declares that the delay by Ukrainian courts of recognition of the Arbitration Institute of the Stockholm Chamber of Commerce’s decision on forcible recovery of a debt of more than USD 300 million or UAH 7.8 billion to OstChem Holding Limited is a violation of the UN Convention on Recognition and Enforcement of Foreign Arbitral Awards, to which 149 countries, including Ukraine, are parties," the statement said.

As Ukrainian News Agency earlier reported, the Supreme Court has annulled the recognition of the Arbitration Institute of the Stockholm Chamber of Commerce’s decision that ordered the Odesa port plant to pay OstChem Holding Limited a debt of UAH 5.241 billion and sent the case for reconsideration.

The Yuzhnenskyi municipal court recognized the Stockholm Arbitration’s decision that ordered the Odesa port plant to pay OstChem USD 251.2 million in March 2017 and the Odesa Regional Appeal Court confirmed this decision in May 2017.

The State Property Fund filed a cassation appeal against this decision.

The Odesa port plant’s losses reduced by UAH 2,370.410 million of 2.6-fold to UAH 1,464.021 million in 2017, compared with 2016 (based on the International Financial Reporting Standards).

The State Property Fund plans to privatize the Odesa port plant in May 2018.

The Odesa port plant specializes in production of ammonia and urea, as well as in export transshipment of chemicals from CIS countries.

Больше новостей о: court Group DF OPP Stockholm Arbitration OstChem Holding Limited

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