Misen Energy AB: Misen Enterprises AB and LLC Karpatygaz Received a Final Award by Consent

On 5 November 2020, Misen Enterprises AB and LLC Karpatygaz received a Final Award by Consent from the Arbitral Tribunal in the SCC case V 2016/114. This award records a Settlement Agreement on settlement of certain legal relations:

  • The total value to be paid by JSC Ukrgasvydobuvannya to Misen Enterprises AB and LLC Karpatygaz is UAH 1,575,093,162.86 (approx. KSEK 504,030) for their share in the joint property under the JAA No.3.
  • JSC Ukrgasvydobuvannya is entitled to withhold a tax on non-resident income for 15% of the specified amount to Misen Enterprises AB (UAH 236,113,788, approx. KSEK 75,845) and pay the withheld amount to the budget of Ukraine. The Settlement Agreement does not regulate payment of tax, if any, in Sweden.
  • Ownership of shares of Misen Enterprises AB and LLC Karpatygaz in the joint property under the JAA No.3 shall pass to JSC Ukrgasvydobuvannya from the date of full payment by JSC Ukrgasvydobuvannya to Misen Enterprises and LLC Karpatygaz of all amounts under the Settlement Agreement.

As of today, Misen Enterprises AB and LLC Karpatygaz have not received compensation from JSC Ukrgasvydobuvannya. To receive compensation, Misen Enterprises AB will immediately seek recognition and enforcement of the Final Award by Consent in Ukraine. JSC Ukrgasvydobuvannya is liable to pay compensation to Misen Enterprises AB in US dollars during five working days following the day of entry into force of the decision of the national court of Ukraine on recognition and enforcement of the Final Award by Consent.

Source: Cision
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