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SpetsTechnoExport Won the UAH 11 Million Case in Swiss Court
12.11.2018

SE SFTE SpetsTechnoExport with support of the Ilyashev & Partners Law Firm has successfully defended its interests at the Swiss Chambers’ Arbitration Institute in a case for repayment of debt of UAH 11 mln under supply agreement.

By the international arbitration award dated 25 October 2018 the claims of SpetsTechnoExport filed against the Cypriot counterparty Blessway Limited were satisfied and now are subject to recovery. Until the full repayment of debt in favor of the state enterprise a penalty of 5.75% per annum will be additionally charged.

The claim of the SE SFTE SpetsTechnoExport was filed in connection with the contracting party’s failure to supply military goods in accordance with its contractual obligations during the period of active military operations in eastern Ukraine. The dispute was considered under the Swiss Rules of International Arbitration of the Swiss Chambers’ Arbitration Institute.

SE SFTE SpetsTechnoExport is a state-owned, self-supporting foreign trade enterprise, specializing in the export and import activities in the world market of military and dual purpose products and services. Since 2010 the enterprise is a part of the State Concern Ukroboronprom and is an integral part of the defense industry of Ukraine. SpetsTechnoExport is the second largest by trade turnover and the most effective state-owned special exporter in Ukraine.



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ABOUT SPETS TECHNO EXPORT

State Foreign Trade Enterprise “SpetsTechnoExport” is a fully state-run entity incorporated by the Government of Ukraine in 1998 for export-import activities at foreign armaments markets.

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