AGA Partners successfully represented its Client - the Chinese state-owned corporation specialising in the production of a wide range of construction materials in proceedings concerning the recognition and enforcement in Ukraine of an International Chamber of Commerce (ICC) arbitration award rendered in Hong Kong.

Following the successful outcome at first instance, the debtor challenged the decision before the appellate court. 

The Supreme Court dismissed the appeal in full and upheld the first-instance ruling, thereby confirming the recognition and granting permission for enforcement of the arbitration award in Ukraine.

This case is of particular significance for several reasons:

1. Ukrainian courts at both first-instance and appellate instances confirmed the enforceability of a foreign arbitration award against a debtor bank undergoing liquidation proceedings.
2. The amounts awarded under the arbitration award exceed EUR 100,000,000.00.
3. The appellate decision strengthens Ukrainian enforcement practice and sets an important precedent for future cases involving the recognition and enforcement of foreign arbitration awards in the context of bank liquidation.
4. It is important to emphasise that this decision is final and not subject to further challenge.

The Supreme Court's decision can be found at the link.

The AGA Partners team was represented by partner Iryna Moroz, associate Maksym Fesenko, and associate Tetiana Osypenko.