The Ministry of Justice won the lawsuit over the sale of Prominvestbank

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The Ministry of Justice won the lawsuit over the sale of Prominvestbank

18.09.2020 News

The Kyiv Court of Appeal denied to Russia’s Vnesheconombank (VEB) in recognition of the decision of the arbitrator of the Arbitration Institute of the Stockholm Chamber of Commerce, which, at the request of VEB, the Ministry of Justice of Ukraine was obliged to stop the forced sale of 99.77% of Prominvestbank shares.

The court agreed with the Ministry of Justice’s argument, that the decision of the arbitrator was made by the dispute, which does not fall under the terms of the arbitration agreement, which means that “the arbitrator did not have jurisdiction to rule against Ukraine in this case.”

The court also stressed that “the state of Ukraine was deprived of the opportunity to state its position in detail in the case for reasons beyond its control.” Herewith recognition and execution of the arbitrator’s decision contradicts the public order of Ukraine.

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