International arbitration News, analytics and practice

14Mar/110

Piece! Ukraine is oriented to amicable settlement of arbitration cases

The Ministry of Justice of Ukraine that is authorized to defend state interests in foreign courts and arbitration tribunals, currently is in the negotiation process for a peaceful settlement of 7 disputes with foreign investors, stated the Minister of Justice Oleksandr Lavrynovych in an interview to "Investgazeta" (Monday, March 14, 2011).

The Minister explained that in the process of developing strategies of protection of Ukraine's interests in every case of a dispute with a foreign investor Ministry comes primarily from the possibility of a peaceful settlement.

In particular, Lavrynovych confirmed the position of the Government of Ukraine regarding the need for signing of a settlement agreement with the company "Vanco Prykerchenska”. Such a position, he said, was formed in the light of previous decisions, agreements that were reached, as well as the specifics of the investment project and the economic impact for both parties.

In total, as of March 2011, Ukraine signed  settlement agreements in 6 arbitration cases. In particular, in 2004 - with "Architects + Engineers Ltd Haase” and by North Star Ship Chandler; in 2005 - with" TMR Energy Limited, in 2006 - with Western NIS Enterprise; in 2007 - with "Genoa Metal Terminal"; in 2009 - with "Sovfracht.

In 10 cases the decision was made in favor of the state of Ukraine. In particular, the 2010 decision in favor of Ukraine were made in the cases upon the claims of companies Globex International, Inc, Global Traiding Resourse Corp (the amount of the claims was USD 34.8 million).

Only in one case Alpha Proektholding GmbH vs Ukraine, the tribunal satisfied the claim, while reducing the amount of claims.

by International Arbitration Team

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