News (#06 June 2017)

Cases

Ukreximbank filed lawsuit seeking collection of UAH 2.83 billion

JSC Ukreximbank has filed a lawsuit to Kyiv Economic Court seeking collection of UAH 2.83 billion from the company ESU, owner of Ukrtelecom.

On 5 May Kyiv Economic Court initiated proceedings in the lawsuit brought by JSC Ukreximbank.

A reminder that Ukreximbank bought ESU bonds at the nominal value of UAH 2.24 billion in April 2013. In March 2017 ESU failed to pay its obligations for coupon yields earned on the bonds. The placement of the bonds in 2011 helped ESU to buy a 92.8% stake in Ukrtelecom when it was sold off.

 

SE Antonov got UAH 25 million from Ankara Airport via court action

State enterprise Antonov has received the sum of UAH 25 million in accordance with the results of the legal dispute with Turkey General Directorate of State Airports and its insurers.

According to the decision adopted by the Commercial Court of Ankara, the Ukrainian enterprise received UAH 25 million in compensation for non-compliance with ICAO standards as to aviation safety by the Turkish airport.

Back in March 2008, an An-124-100 Russian cargo aircraft owned by SE Antonov, collided with a flock of birds during its take-off from Ankara Airport, which resulted in the aircraft being damaged. The cargo and crew were not affected. In 2009, SE Antonov filed a lawsuit in Turkish court seeking indemnification of damages.

The court ruled that the Turkish side, in violation of legislation and ICAO standards, did not take all possible ornithological safety measures at the airport, which resulted in an emergency situation. The court also rejected the defendants’ references to force majeure.

The decision of Ankara Court, adopted in favor of SE Antonov in 2012, was repeatedly challenged by the Turkish side.

 

Prevezon Holdings concluded dispute settlement agreement with US government

A group of companies has agreed to pay compensation to US government in the amount of USD 6 million on grounds of probable money laundering and tax fraud. This was announced a few days before the corresponding case was filed to a court.

On 12 May Federal Prosecutors in New York announced a deal with Russian businessman Denis Katsyv, the owner of Pre- vezon Holdings. Under the dispute settlement agreement, none of Prevision Holdings companies pleaded guilty.

Prosecutors tried to seize over USD 20 million from Prevezon from bank accounts and in the form real estate, by claiming that these funds were laundered using a tax fraud scheme for the sum of USD 230 million, probably with help from corrupt Russian tax authorities.

 

Supreme Economic Court of Ukraine refuses to cancel fining of Gazprom

The Supreme Economic Court of Ukraine has dismissed a cassation appeal from Gazprom against the decision to recover a fine and penalty imposed by the AMCU in the total amount of UAH 172 billion for abuse of its monopoly status in the transit of gas through Ukraine.

On 22 January 2016 the AMCU imposed a fine on Gazprom of UAH 85.966 billion for its abuse of monopoly in the gas transit market.

On 12 April 2016, Gazprom filed a lawsuit in Kyiv Economic Court requesting to invalidate this decision by the AMCU, but the lawsuit was never accepted for consideration by the court.

Gazprom tried to appeal against the ruling of Kyiv Economic Court on return of its lawsuit without consideration, but courts of higher instances confirmed the legality of such decision.

On 5 October 2016 the AMCU filed a lawsuit in Kyiv Economic Court seeking enforced recovery of the fine and penalty (in the amount equivalent to the fine).

The decision on the obligation to pay the fine and penalty came into force on 22 February. On 21 April, the AMCU announced that it has submitted an application to the State Enforcement Service for enforced recovery.

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