This M&A dispute raised questions about deferred payment provisions and the valuation of a future put option and took place against the backdrop of difficult economic conditions that have accompanied the recent political crisis in Ukraine. Arising out of eight contracts, and involving the launch of eight related arbitrations, the dispute raised interesting procedural questions including the availability of consolidation. The dispute was settled in our clients favour, where we played a significant role.
One of the largest ICC cases in history, the arbitration raises questions of contractual and extra-contractual liability, as well as the net present value of long term projects that are of macro-economic scale and significance. Three Crowns lawyers also act as counsel in a parallel treaty claim before ICSID for nationalization of the same oil projects. By representing our client in both proceedings, we play a key role in coordinating a comprehensive strategy to obtain full redress for our client’s loss
The matter raises complex revenue allocation and accounting issues, and is the subject of an expert audit procedure within the arbitration process, which our lawyers are managing under the supervision of a standing arbitral tribunal. The matter has been ongoing since 2008, and Three Crowns were brought in to replace our client’s prior counsel as the arbitration reached a new, significant phase.