September 29th, 2016

ARBITRADE successfully represented a leading agricultural company in arbitration

ARBITRADE successfully represented one of the most well-known world trading companies «BungeS.A.» in a dispute with its counterparty which was heard before the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry (ICAC at the UCCI).

The dispute arose in connection with fraud – the email account of one of the managers of the counterparty was hacked and invoices were sent to «BungeS.A.» with forged bank details. As a result, payment was made to an incorrect bank account. The ARBITRADE team was faced with the task of proving that the payment made by «BungeS.A.» was a contractual one despite having been made to an account which was different from that stipulated in the contract.

The case was unusually complex for a trade dispute, since it involved a criminal element (fraudulent actions of a third party) and aspects of banking regulation of international payments. Another unusual aspect was that the hearing involved oral witness testimony and cross-examination of witnesses, which is extremely rare in the practice of ICAC at the UCCI. All of the abovementioned elements were thoroughly analyzed and relied on by the arbitrators in the award.

Therefore, the correct analysis and presentation of the various aspects of the case, as well as the careful preparation of witnesses were important for the successful outcome of the arbitration. ARBITRADE’s team working on this case was led by partner Andriy Shulga.

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