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Saturday, April 28, 2018
LCIA rules against the interests of Kolomoisky
According to
the website of Naftfogaz Ukraine
, on 27th April 2018, the London Court of International Arbitration (
LCIA
) has concluded that parts of a particularly biased Ukrnafta contract reached in 2010, significantly in favour of Ihor Kolomoisky (via his companies holding minority shares – Privat Group, Littop Enterprises Ltd, Bridgemont Ventures Ltd, Bordo Managament Ltd, Balliotti Enterprises Ltd, Renalda Investments Ltd) are
“not enforceable”
.
Mr Kolomoisky via various corporate vehicles controls approximately 43% of Ukrnafta shares. The State 50 +1% of shares.
Nevertheless, the LCIA found that the contract as a whole was valid, despite some key provisions specifically relating to corporate management being
“not subject to execution, as it contradicts the imperative norms of corporate legislation of Ukraine.”
READ MORE HERE
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