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LTR: Arbitral tribunal proceeding

Spekuliantai.lt | 2009-07-14 | NASDAQ OMX biržų naujienos | perskaitė: 1727
Raktiniai žodžiai: Luterma, LTR
LTR: Arbitral tribunal proceeding

Luterma Company Announcement 14.07.2009

Arbitral tribunal proceeding

On 13th of July 2009 Arbitration Institute of Stockholm Chamber of Commerce
sent to parties of litigation for examination an arbitration award which is
currently by version given to AS Luterma not signed by arbitrators.

With 13th of July 2009 arbitration award it is stated, that AS Alta Foods in
principle had the right to withdraw from 20.09.2007 concluded contract of sale
of shares of AS Luterma subsidiaries based on, that a market disruption
occurred on financial markets during validity of contract.
Arbitrator professor Paul Varul had a dissenting opinion on published
arbitration award. A dissenting opinion is unusual in arbitral tribunal
practice and on AS Luterma opinion a dissenting opinion shows that the award is
problematical.

On 7th July 2009 Arbitration Institute of Stockholm Chamber of Commerce
announced that final award will be published on 5th August 2009. On 13th July
2009 sent arbitration award covering letter stated that final award will be
published on 20th of July 2009. AS Luterma will plan its future activities in
connection with arbitration award after having received the final arbitration
award.


Allan Viirma
Head of Legal Services
688 6600

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