AstapovLawyers defended Promising International Trading Co. in FOSFA arbitration proceedings

AstapovLawyers International Law Group has successfully defended Promising International Trading Co., a major international trader, in FOSFA arbitration proceedings.

In this dispute sellers, a BVI-registered company, claimed for demurrage accrued at the port of discharge, which according to the Tribunal’s findings was at large attributable to their own breach of the contract, and thus could not be recovered from the buyers.

The rendered award also catches attention with regard to the buyers’ counterclaim for damages arising out of attachment of their assets in Switzerland. The Tribunal established that the attachment was obtained in breach of the Scott vs Avery clause of the contract, which denies a party to the contract the right to obtain any interim relief before the dispute is heard and determined by the Tribunal. The Tribunal has consequently awarded interest for wrongful attachment.

The case was handled by Eugene Blinov, partner, Elena Kardash, associate, Olha Dyka and Kateryna Ianishevska, junior associates.