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Chinese Investor Files $4.5Bln Int'l Arbitration Against Ukrainian Gov't Over Prejudice
Faizan Hashmi Published November 29, 2021 | 01:13 PM
Beijing Skyrizon, a Chinese investor company of the Ukrainian aircraft manufacturer Motor Sich, has filed a suit with the Permanent Court of Arbitration in the Hague demanding $4.5 billion in damages for Ukraine's violation of an investment agreement with China
BEIJING (UrduPoint News / Sputnik - 29th November, 2021) Beijing Skyrizon, a Chinese investor company of the Ukrainian aircraft manufacturer Motor Sich, has filed a suit with the Permanent Court of Arbitration in the Hague demanding $4.5 billion in damages for Ukraine's violation of an investment agreement with China.
According to the claim statement, the company has been suffering damages both in Ukraine and China "as a result of the Ukrainian government's unfair attitude toward Chinese investors over the past five years and unceasing application of unlawful measures."
"According to the Joint Ukrainian-Chinese communique, which came into force on October 31, 1992, Chinese investors demanded to recognize Ukraine as violating the bilateral investment agreement and pay the complainants full compensation for all losses incurred in the amount of more than 4.
5 billion US Dollars," Beijing Skyrizon Aviation Industry Investment said.
In January, Ukrainian President Volodymyr Zelenskyy imposed sanctions on Chinese investors of Motor Sich, including one China national and four Chinese companies, Beijing Skyrizon among them.
In March, the Ukrainian government nationalized Motor Sich, of which Beijing Skyrizon used to be a shareholder. The Chinese Foreign Ministry responded by demanding that Ukraine respect the lawful rights of Chinese investors after the unilateral return of the company under state ownership with all its assets and shares.
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