Matter
Emergofin B.V. and Velbay Holdings Ltd. v. Ukraine (ICSID Case No. ARB/16/35)
- 22 March 2012Ukraine
22 March 2012Ukraine
Kyiv Commercial Court Judgment dated 22 March 2012
Kyiv Commercial Court
- Decision summary
- The Kyiv Commercial Court rescinded the 2006 sale and purchase agreement relating to Velbay's 68.01% stake in Zaporozhye Aluminium Combine after deciding the Prosecutor's claim on a material-breach basis.
Supporting details
1 participantVelbay Holdings Ltd.
Kyiv Commercial Court
2 years, 11 months and 17 days later · 1084 days
- 11 March 2015Ukraine
11 March 2015Ukraine
Supreme Court of Ukraine Judgment dated 11 March 2015
Supreme Court of Ukraine
- Decision summary
- The Supreme Court of Ukraine rejected the application in proceedings concerning rescission of the 2006 sale and purchase agreement, exhausting Velbay's available remedies in the Ukrainian judicial system.
Supporting details
1 participantVelbay Holdings Ltd.
Supreme Court of Ukraine
3 years, 3 months and 9 days later · 1197 days
- 20 June 2018Ukraine
20 June 2018Ukraine
Supreme Court of Ukraine Ruling dated 20 June 2018
Supreme Court of Ukraine
- Decision summary
- The Supreme Court of Ukraine dismissed Velbay's appeal concerning the 2016 extraordinary general meeting; Judge Mamalui filed a dissenting opinion criticizing the treatment of evidence.
Supporting details
2 participantsVelbay Holdings Ltd.
Supreme Court of Ukraine
- Judge
- Mamalui
10 months and 5 days later · 309 days
- 25 April 2019Ukraine
25 April 2019Ukraine
Commercial Court of the Zaporozhye Region Decision dated 25 April 2019
Commercial Court of the Zaporozhye Region
- Decision summary
- The Commercial Court of the Zaporozhye Region refused Velbay's application concerning its exclusion from the shareholders list.
Supporting details
1 participantVelbay Holdings Ltd.
Commercial Court of the Zaporozhye Region
1 year, 3 months and 17 days later · 474 days
- 11 August 2020Ukraine
11 August 2020Ukraine
Supreme Court of Ukraine Ruling dated 11 August 2020
Supreme Court of Ukraine
- Decision summary
- The Supreme Court of Ukraine quashed the 2018 Sanctions Decision insofar as it imposed restrictive measures on the Claimants.
Supporting details
2 participantsVelbay Holdings Ltd.
Supreme Court of Ukraine
- Judge
- Mamalui
2 months and 29 days later · 90 days
- 9 November 2020Ukraine
9 November 2020Ukraine
Central Appeal Commercial Court Decision dated 9 November 2020
Central Appeal Commercial Court
- Decision summary
- The Central Appeal Commercial Court overturned the decision of the Commercial Court of the Zaporozhye Region and ruled that Velbay's claim should be granted.
Supporting details
1 participantVelbay Holdings Ltd.
Central Appeal Commercial Court
7 months and 22 days later · 234 days
- 1 July 2021Arbitration
1 July 2021Arbitration
Decision on Jurisdiction, Admissibility and Liability
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal declared that it had jurisdiction over the dispute and claims to the stated temporal extent, found the other claims admissible, upheld the Renationalisation Claim, the fair and equitable treatment aspect of the Shareholder Interference Claim, and the Sanctions Claim under Article 3(2), dismissed the other stated claims, and reserved damages and costs for a Final Award.
Supporting details
4 authorities · 12 participantsEmergofin B.V.
- Representative
- Emmanuel Gaillard (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Yas Banifatemi (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Rudolf Simone-Pont (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Anna Guillard Sazhko (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Yuliia Dikhtiievska (For: Emergofin B.V. · Velbay Holdings Ltd.)
Velbay Holdings Ltd.
- Representative
- Emmanuel Gaillard (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Yas Banifatemi (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Rudolf Simone-Pont (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Anna Guillard Sazhko (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Yuliia Dikhtiievska (For: Emergofin B.V. · Velbay Holdings Ltd.)
Ukraine
- Representative
- Ministry of Justice of Ukraine (For: Ukraine)
International Centre for Settlement of Investment Disputes
- Arbitrator
- Zachary Douglas
- Arbitrator
- John Beechey
- Arbitrator
- Michael Wood
4 years and 10 months later · 1765 days
- 1 May 2026Arbitration
1 May 2026Arbitration
Final Award
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal ordered Ukraine to pay the Claimants USD 71,000,000 as restitutionary damages, interest at the 5-year US Treasury Rate compounded annually, and contributions toward legal and arbitration costs. All other claims and relief were rejected.
Supporting details
4 authorities · 17 participantsEmergofin B.V.
- Representative
- Raed Fathallah (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Tim Portwood (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Marina Weiss (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Shane Daly (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Maria Kiskachi (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Bredin Prat (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Jennifer Younan (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Elise Edson (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Sandrina Antohi (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- A&O Shearman (For: Emergofin B.V. · Velbay Holdings Ltd.)
Velbay Holdings Ltd.
- Representative
- Raed Fathallah (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Tim Portwood (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Marina Weiss (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Shane Daly (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Maria Kiskachi (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Bredin Prat (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Jennifer Younan (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Elise Edson (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- Sandrina Antohi (For: Emergofin B.V. · Velbay Holdings Ltd.)
- Representative
- A&O Shearman (For: Emergofin B.V. · Velbay Holdings Ltd.)
Ukraine
International Centre for Settlement of Investment Disputes
- Arbitrator
- Zachary Douglas
- Arbitrator
- John Beechey
- Arbitrator
- Michael Wood
- Tribunal secretary
- Laura Bergamini