International arbitration ordered Ukraine to compensate Kolomoisky’s structure for $12 in losses
International arbitration ordered Ukraine to compensate JKX Oil&Gas (UK) for about $12 million in losses that it suffered due to Ukraine’s violation of the intergovernmental agreement with the UK on the protection of investments.
This is stated in a message from the British company on the website of the London Stock Exchange dated February 6.
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“The court found that the government of Ukraine breached elements of the bilateral investment treaty between the government of the United Kingdom and the government of Ukraine and awarded damages to JKX in the amount of approximately $12 million,” – the Kiev publication “Economic Truth” quotes the document.
According to information from the Ministry of Justice of Ukraine, the grounds for filing a lawsuit against Ukraine by JKX Oil & Gas and its affiliated companies are: an increase by the Verkhovna Rada of the rate of payment for the use of subsoil for oil and gas production, a ban by the Cabinet of Ministers on the purchase of gas by certain companies from all suppliers except NJSC Naftogaz Ukraine”, the introduction by the NBU board of administrative measures in the foreign exchange market.
JKX previously claimed that the Poltava Oil and Gas Company, which it owned, had been paying inflated rents since 2011, and is now demanding compensation of about $180 million.
The company's largest shareholders are the Eclairs Group of Igor Kolomoisky and Gennady Bogolyubov - 27,54% of shares, the Russian group Proxima Capital Group, Vladimir Tatarchuk - 19,92%, Turkish businessman Burak Ozdogan (through Dumarchal Nominee Ltd and Neptune Invest & Finance Corp.) - about 13%. Another 11,45% of shares is owned by Russian businessman Alexander Zhukov in Glengary Overseas Limited.
The main asset of JKX Oil & Gas in Ukraine is the Poltava Gas and Oil Company, which produces hydrocarbons at six fields in the Poltava region.
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