ARBITRADE’s team won GAFTA arbitration
ARBITRADE successfully represented its client in arbitration under the rules of the Grain and Feed Trade Association (GAFTA).
ARBITRADE lawyers represented a leading Ukrainian agricultural commodities trader in an arbitration case. The dispute concerned damages for breach of the buyer’s obligations under contracts for the sale of grain. The defendant submitted a counterclaim for set-off based on an agreement the authenticity of which was disputed by the claimant. In connection with that, the case had ramifications in Ukraine as the claimant initiated corresponding criminal investigations. As a result of the submission of the counterclaim, the resolution of the case has taken over a year and included several rounds of submissions.
Eventually, the GAFTA arbitral tribunal sided with the claimant who was represented by the ARBITRADE team of lawyers, and granted the claims of the Ukrainian trader in the case amounting to more than USD 11 million in total.
The defendant, a Cyprus trading company, was represented by a renowned UK law firm, Reed Smith LLP, which in the course of proceedings was replaced with another prominent UK law firm, Holman Fenwick Willan LLP. ARBITRADE’s team working on the matter consisted of partner Andriy Shulga, counsels Yuliya Chernykh and Anastasiya Grenyuk.
ARBITRADE lawyers previously won three similar cases between the same parties for the total amount over USD 32 million.