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ICSID Tribunal Orders Ukraine to Pay EUR 3 million to Inmaris Companies
Apr 08 2012


Arbitral Tribunal of the International Centre for Settlement of Investment Disputes (ICSID) ruled in the decision on the suit of German companies "Inmaris" to Ukraine (case № ARB/08/8).
On March 1st, 2012, the Arbitration Tribunal's decision was rendered on the claim ARB/08/8 from the group of German companies "Inmaris Perestroika Sailing Maritime Services Gmbh" to Ukraine. Tribunal satisfied the claims and now Ukraine has to pay 3034 388.34 euros to a group of German companies.
In this case the Arbitral Tribunal rejected the plaintiffs' claims for compensation for moral damages and expenses incurred by them in connection with the arbitration case. The plaintiffs had been declared the amount of claims in excess of 13 million euros.
The Ministry of Justice of Ukraine is currently considering the question of whether the award should be annulled under Article 52 of the ICSID Convention.