Odesa Regional Economic Court revises case on Ukrtranscontainer and Illichivsk port in favor of investor

18:27

The Economic Court of Odesa region has revised its ruling of May 12, 2009, under which it declared invalid an agreement on joint activity between private enterprise Ukrtranscontainer and Illichivsk Maritime Merchant Port (both enterprises based in Odesa region, and satisfied Ukrtranscontainer's requirement to uphold the agreement, reads a statement of the trade union committee of the port.

According to the trade union committee, the reason for reconsideration of the case by the court was a publication in the media, issued in May 2010.

"Some unreliable facts from a newspaper article were enough for [judge of the Economic Court of Odesa region] Lytvynov to settle the dispute in favor of the foreign private enterprise and pass it the most powerful Black Sea container terminal in Ukraine for use until 2035, contrary to the interests of the state and the state enterprise," reads the statement.

As reported, the Supreme Court of Ukraine on November 3, 2009 issued a ruling on the breaking of an agreement on joint activity between Illichivsk maritime merchant port and private enterprise Ukrtranscontainer due to the investor's not fulfilling the agreement.

Later, Ukrtranscontainer promised to address an international arbitration tribunal with a demand of compensation of $1.4 billion for losses from the cancellation of the agreement on cooperation.