UK High Court rejects Ukraine’s appeal on $12 million compensation

Source : 112 Ukraine

At the same time, British company JKX hope to achieve an out-of-court decision of other unresolved disputes with Ukraine
17:55, 30 October 2017

Open source

The High Court of United Kingdom rejected Ukraine's appeal on payment of about $12 million of compensation to JKX Oil & Gas (UK), Interfax-Ukraine reports.

The High Court of Justice of England and Wales rejected Ukraine's appeal to the London arbitration decision, which obligated the country to pay about $12 million to JKX Oil & Gas Plc oil and gas company.

At the same time, JKX company noted on London Stock Exchange website that it hopes to reach extrajudicial resolution of other disputes with Ukraine.

Related: Hague court: Russia must protect Ukrainian investors in Crimea after annexation

As it was reported earlier the International Court of Justice in The Hague bind Ukraine to compensate $12 million loss to the British JKX Oil&Gas. The later initiated arbitration against Ukraine in accordance to the Energy Charter Treaty and investment protection bilateral agreements between Ukraine and Great Britain and Netherlands, seeking compensation of 180 million dollars.

Ukraine appealed against this decision. It is also noted that the basis for this application is that the arbitral tribunal allegedly committed 'serious irregularity' in conducting the arbitral proceedings.

Related: Naftogaz suits Russia in Hague court to get $5 billion due to assets loss in Crimea

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