LONDON (Alliance News) - Arricano Real Estate PLC Thursday said the High Court of Justice in London has dismissed the claim filed by Stockman Interhold SA in its arbitration over Arricano's ownership of the Sky Mall shopping centre in the Ukraine.
Stockman filed a claim that was seeking to overturn the decision made by the London Court of International Arbitration back in 2014 that ruled Arricano had validly exercised the call option to acquire a 50% shareholding in the holding company that owns the Sky Mall.
That 50% stake that Arricano was trying to acquire using the call option was owned by Stockman, and Arricano said it was "aware" prior to the court case that Stockman had transferred its stake in the holding company to another entity and, shortly after the initial court ruling, transferred all assets, including Sky Mall, to another legal entity.
Arricano already held the other 50% of the holding company and was trying to take full control by using the call option. Although Stockman's claim has now been dismissed, Arricano is still waiting to acquire the 50% stake from Stockman to take full control of the Sky Mall.
"We are very pleased that the High Court of Justice has upheld the London Court of International Arbitration's original decision, and we hope that public awareness and increasing legal pressure will move Stockman to comply with the terms of our original agreement," said Chief Executive Mykhailo Merkulov.
Arricano shares were untraded on Thursday, last trading at USD1.00 per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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