PARADIGMA managing partner has commented on the decision of LCIA rendered in favour of the client, the company Ledaro, for the sum of 30 million dollars for the edition “Kommersant”
London Court of International Arbitration obliged the company “Ulmart” - Ulmart Holding Limited (UHL) – to pay over $30 million for the loan provided by “Ledaro” the company set in Panama and managed by Mikhail Skigin, Chairman of the Board of Directors of the St. Petersburg oil terminal.
The entrepreneur noted that he is not going to destroy the online retailer's business, and expressed readiness for negotiations with his representatives. One of the options that is available to the creditor is the conversion of debt into shareholding of the Russian companies of Ulmart. Another option can be the emergence of a new investor in Ulmart that will pay off the debts of the retailer to Ledaro.
The edition “Kommersant” was informed about the court decision delivered in late April by the managing partner of the legal firm PARADIGMA, Kliment Rusakomskiy (representing Ledaro). According to Mr. Rusakomskiy, satisfaction of the claim makes it possible to foreclose UHL assets in Russia and Malta, as well as to start bankruptcy of the company in case of non-payment of a debt. "We do not have an aim to make UHL bankrupt, but we want to return money of our client, so we are ready to consider any proposals from UHL, including debt restructuring." If no proposals are received from them, then we will move toward any of these directions", - he specified. As Mr. Rusakomskiy explained, the court decision is final, as the parties irrevocably refused the opportunity to appeal it. The representative of the co-owner of Ulmart, Dmitry Kostygin, confirmed to Kommersant the fact of the court decision.
The Chairman of the board of directors of the St. Petersburg oil terminal, Mikhail Skigin, to whom Ledaro is related, told Kommersant that he expects to find common ground with representatives of the online retailer. "As an investor I am interested both in the sphere of e-commerce and the company Ulmart as such, but I cannot say that I want to convert everything into a shareholding and certainly I do not want to be a creditor who will destroy a working business by pulling out his assets at any cost, "he explained.
For more details of the dispute, please see the link below.