Justice Minister expects outcome of Stockholm arbitration in suit of Ukrnafta minor shareholders against Ukraine for $ 6 bln in Feb 2021

The coming year 2021 brings more risks to Ukraine in terms of possible decisions of international arbitration than 2020, Minister of Justice Denys Maliuska has stated.

"The potential decision of the ArbitrationInstitute of the Stockholm Chamber of Commerce on the claim of the Cypriot offshore companies [owned by Kolomoisky, Boholiubov and Palytsia] – the owners of about 40% of Ukrnafta shares – against the state of Ukraine to recover about $ 6 billion [plus interest] deserves a special notice," he wrote on Facebook.

"The case is complex, complicated, covers many aspects of relations between the state and Ukrnafta, it has been going on since 2015, and we will probably be able to see the result in February next year," Maliuska said.

He also pointed out that in 2020 the Ministry of Justice managed to successfully fulfill the role of a lawyer of Ukraine in international arbitration.

"Nothing negative [in terms of decisions on collection of funds] happened during 2020," the minister stated.

The final decision of the Arbitration Institute of the Stockholm Chamber of Commerce on the suit initiated with Ukraine can be made no earlier than 2020, according to the data in the draft prospectus for the issue of Ukraine's eurobonds.

The first round of oral hearings in the case took place in London from April 1 to April 18, 2019. After the hearings, the parties agreed on a date for the submission of short information – July 31, 2019. The second round of oral hearings is scheduled for October 18, 2019. The final decision is expected to be issued no earlier than 2020, the report said.

Source: www.en.interfax.com.ua