The London Court of International Arbitration upends the long-term dispute between the Arricano Real Estate and Stockman Interhold in respect of ownership of the Sky Mall shopping center. For a long time the conflict over the asset has been one of the most high-profile cases and negative in the sphere of development of Ukraine.
May 5, 2016 the London Court of International Arbitration ordered the Stockman Interhold company to transfer all the shares of the Assofit company (owns Ltd. “Prism Beta”) to Arricano, including its share in the Sky Mall in Kiev. The Court found that the Stockman company in violation of the agreement made “deliberate steps to dissipate and assigning the assets of Assofit.”
Thus, all of the shares in the Assofit Holdings Limited, previously owned by the Stockman Interhold S.A., should be transferred to the ownership of the Arricano Real Estate Plc. not later than June 5 this year for $0.
The dispute between co-owners of the shopping center Sky Mall –Arricano Real Estate controlled by Estonian businessman Hillar Teder and Stockman Interhold SA, controlled by a Canadian with Ukrainian roots – Andrey Adamov, lasted for almost four years. In 2009, Hillary Teder had the necessary money to complete the construction of the shopping center and he attracted Andrey Adamov as a partner, who invested $ 40 million in the project in exchange for a controlling stake in the project.
However, the Estonian businessman left a so-called call-option – the right to buy the share of Adamov in the project. When the construction was completed in 2010, the Arricano Real Estate company agreed to buy a controlling stake of the Stockman Interhold in Sky Mall, but Andrey Adamov refused to sell his share, he accused Hillar Teder of violating the terms of the contract. Legal battles continued in the UK, Cyprus and Ukrainian courts for nearly four years.
Exports of goods accounts for a third of Ukraine’s GDP.But we sell primarily raw materials abroad. It is a marker of underdeveloped countries and a path that does not contribute to economic development. Our state’s strategic task is to increase the exports of high-tech goods with high added value: that is, not just to grow […]
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The low-cost airline Ryanair plans to expand in Ukraine if the open skies agreement with the EU is approved in the coming months. CEO Michael O’Leary stated this. O’Leary predicts the signing of an agreement between Ukraine and the EU by the end of 2021. “One of the markets I would single out is Ukraine. […]
Ukraine plans to privatize 737 state-owned enterprises during 2021-2023. The Ministry of Economy published the list of objects for sale. Although some companies will be able to sell only after the amendments to the legislation. In particular, such large enterprises as Centerenergo, the United Mining and Chemical Company, Turboatom, the Zaporizhia Titanium and Magnesium Plant, […]
Apple Inc, according to a lawsuit filed by Epic Games Inc., must allow mobile app developers to redirect users to alternative resources to pay for services in the App Store. The Wall Street Journal reported this. A 30% commission is now charged on each purchase. Judge Yvonne Gonzalez Rogers concluded that Apple’s practice was uncompetitive […]
The World Bank will provide Ukraine with a second tranche of $ 350 million, but subject to certain conditions. WB Vice President for Europe and Central Asia Anna Bjerde told Interfax-Ukraine what exactly is expected from Kyiv. “The prospects for the second tranche of the Economic Recovery Development Policy Loan depend on maintaining an adequate […]
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McLaren has introduced the McLaren Artura hybrid sports car. The car is equipped with a 3-liter V6 engine with dual supercharging and an electric battery. The total power of the sports car is 671 horsepower and torque is 531 Nm. The McLaren Artura sports car accelerates to 96 km / h in 3 seconds. The […]Next
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The American technology company Nvidia is approaching to the agreement to purchase the British chip manufacturer Arm from the Japanese SoftBank. Bloomberg was told by familiar with particular situation Sources. Similar information was also reported by the interlocutors of The Wall Street Journal and the Financial Times. Bloomberg sources said, the operation may be announced […]Next
The capacity of installed solar energy facilities in Ukraine will increase up to 3 GW by 2020. Vitaliy Daviy, CEO of IB Center Europe, made such forecast for the development of the industry at CISOLAR 2019 the 8th Solar Energy Conference in Kiev. As of April 1, 2019, more than 2.2 GW of solar energy […]Next
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