Asters successfully represented a leading Ukrainian company in a dispute with a Chinese equipment manufacturer, which was eventually settled before the International Chamber of Commerce (ICC) International Court of Arbitration, Singapore. The dispute arose out of a claim by the Chinese company (the claimant) against Asters' client (the Respondent) for recovery of funds based on a guarantee allegedly issued by the Ukrainian company.
This guarantee was allegedly issued to secure a transaction between the Chinese company and its counterparty from the United Arab Emirates for the supply of equipment for construction in Ukraine. The Chinese company's counterparty failed to deliver the equipment within the terms stipulated by the agreement. The Chinese company, referring to the guarantee, requested Asters' client to settle the debt.
However, Asters' team succeeded in convincing the sole arbitrator that the guarantee relied on by the claimant was never issued by the firm's client and was in fact forged. Based on the results of the expert examination scheduled by the arbitral tribunal, as well as additional evidence submitted by Asters, the arbitrator dismissed in full the claimant's claim for recovery of funds from Asters' client, concluding that the guarantee was not an authentic document.
In addition, when ruling in favour of Asters' client, the arbitrator rejected a number of subsidiary arguments that the claimant had relied on in an attempt to persuade the arbitrator that Asters' client had waived its right to challenge the validity of the guarantee under English and Ukrainian law.
Asters' team working on the case included Partner Markiyan Kliuchkovskyi*, Counsel Oleksandr Volkov, Associates Oleksii Izotov and Valeriia Yakimova. The leading English barrister Zannis Mavrogordato supported Asters on English law matters.
* Markiyan Kliuchkovskyi leaves the firm on 1 July 2023 in connection with his appointment as the Executive Director of the International Register of Damage Caused by the Aggression of the Russian Federation against Ukraine.
Asters is the largest full-service Ukrainian law firm with offices in Kyiv, Brussels, London and Washington, DC. The firm has access to more than 125 jurisdictions through an extensive network of partner law firms. Asters and its lawyers are consistently recognised by leading international rankings, including Chambers & Partners, The Legal 500 EMEA, IFLR1000, GAR1000, GCR100, The Lawyer, Best Lawyers, Who's Who Legal.
