Swiss arbitration tribunal orders US company to pay Ukraine $18 million - Ministry of Justice
Kyiv • UNN
A Swiss arbitration tribunal has ordered an American company to return over $18 million to Ukraine. This decision concerns the under-delivery of artillery ammunition under a Ministry of Defense contract.
The Arbitration Tribunal of the Swiss Arbitration Centre ruled in favour of Ukraine in a dispute with an American company and ordered the return of more than $18 million to the state budget. The lawsuit concerned the under-delivery of artillery ammunition under a contract concluded at the beginning of Russia's full-scale invasion. This was reported by the Ministry of Justice of Ukraine, according to UNN.
The lawsuit by the Ministry of Defence of Ukraine concerned the under-delivery of artillery ammunition under a contract concluded at the beginning of Russia's full-scale invasion. Despite 100% prepayment, the company fulfilled its obligations only partially.
It is reported that the court fully supported the position of the Ukrainian side, rejected all objections of the defendant, recognized his violation of contractual obligations and ordered the recovery of the paid funds together with penalties.
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