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.”

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