newstodate.aero
Nov 21, 2014 (newstodate): Swissport has sent a letter to Ukraine's President and Prime Minister in an effort to invoke their attention to its issues with Ukraine International Airlines over the loss of ownership to its subsidiary Swissport Ukraine LLC, now renamed Interavia LLC.
-On March 27, 2013, Swissport lost its majority share of 70.6 per cent and control over its joint venture Swissport Ukraine LLC at the first instance court as a result of a raider attack by the UIA owner.
-Next, in October 2013, the Highest Economic Court in the Ukraine ruled in favour of Swissport, overruled all prior decisions and referred the case back to the first instance court that then ruled in favor of Swissport in May 2014.
-But in September 2014, following UIA's appeal, the Court of Appeal again ruled against Swissport, despite the fact that, meanwhile, Swissport had obtained a final and binding court ruling in its favour in an ancillary proceeding, pursuant to which Swissport would need to be re-entered as a shareholder into the Ukrainian state register, and the company would have to be renamed Swissport Ukraine, the letter reads.
-Swissport is deeply concerned that the Government of Ukraine remains silent and fails to act by confining itself, it seems, to the role of a passive observer in this vivid violation of foreign investors' rights.
-This is all the more surprising for a country that has just signed an Association Agreement with the EU, and has a strong interest in getting closer to the EU and its Member States.
-Following our experience in investing into business in the Ukraine, we can only warn other foreign companies that are considering to enter this market, as it seems that the legal and political environment is too uncertain and does not meet the required international standards for investments, states the letter Philipp Joeinig signed by Swissport VP.
-On March 27, 2013, Swissport lost its majority share of 70.6 per cent and control over its joint venture Swissport Ukraine LLC at the first instance court as a result of a raider attack by the UIA owner.
-Next, in October 2013, the Highest Economic Court in the Ukraine ruled in favour of Swissport, overruled all prior decisions and referred the case back to the first instance court that then ruled in favor of Swissport in May 2014.
-But in September 2014, following UIA's appeal, the Court of Appeal again ruled against Swissport, despite the fact that, meanwhile, Swissport had obtained a final and binding court ruling in its favour in an ancillary proceeding, pursuant to which Swissport would need to be re-entered as a shareholder into the Ukrainian state register, and the company would have to be renamed Swissport Ukraine, the letter reads.
-Swissport is deeply concerned that the Government of Ukraine remains silent and fails to act by confining itself, it seems, to the role of a passive observer in this vivid violation of foreign investors' rights.
-This is all the more surprising for a country that has just signed an Association Agreement with the EU, and has a strong interest in getting closer to the EU and its Member States.
-Following our experience in investing into business in the Ukraine, we can only warn other foreign companies that are considering to enter this market, as it seems that the legal and political environment is too uncertain and does not meet the required international standards for investments, states the letter Philipp Joeinig signed by Swissport VP.