VTB Bank against KAP: Arbitration proceedings completed

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The London Court of International Arbitration (LCIA) ended the arbitration proceedings on the complaint of VTB Bank for payment of damages from the Aluminum Plant of Podgorica (KAP) from bankruptcy, in the amount of over 30 million euros, said the bankruptcy trustee of the company, Veselin Perisic.

He said that the bankrupt KAP, with the end of this arbitration procedure, achieved another significant success in proceedings before international courts.

“At the request of the legal representatives of KAP, the London court adopted a decision on May 17 to put an end to the arbitration proceedings on the complaint of the Austrian VTB”, said Perisic in a statement.

He recalled that the High Court of Justice in London, in November 2014, before the decision of the LCIA, issued a decision to admit the bankruptcy proceedings pending against KAP before the Commercial Court of Montenegro, as the main foreign court proceedings.

“This decision was confirmed by the High Court of Justice in London on April 17 last year”, said Perišić.

He added that such a decision confirmed that the Commercial Court of Montenegro’s proceedings over KAP bankruptcy are in accordance with the Law on Bankruptcy and that the law complies with all directives of the European Union (EU) and the UNCITRAL Model Law on International Bankruptcy.

Source: Cafe Del Montenegro