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.
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