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Sayenko Kharenko Successful for Olfa in Arbitration Case

Sayenko Kharenko Successful for Olfa in Arbitration Case

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Sayenko Kharenko has successfully represented Olfa before the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry.

According to Sayneko Kharenko, “ICAC has awarded to Olfa, the Ukrainian distributor of medical and pharmaceutical products, approximately EUR 3 million in damages in the case against Latvian company Olainfarm. The complex dispute in respect of a long-term contract for the supply of medicines and medical products to Ukraine was pending before the ICAC for over a year within the frame of two parallel cases. Comprehensive consideration of the cases involved numerous experts and witnesses from each side. The arbitrators have also made determinations on the complex legal and factual matters, including the law applicable to the dispute and the amount of damages incurred by Olfa.”

According to the firm, “in the first case, Olfa filed a claim with the ICAC to recover a penalty for non-delivery of goods and damages incurred in 2020 as a result of Olainfarm’s breach of contract. The ICAC accepted Olfa’s position and found Olainfarm in violation of the long-term contract, namely due to its unjustified refusal to perform. As a result, Olfa was awarded damages (lost profit incurred in 2020) in the total amount of approximately EUR 3 million, as well as the contractual penalty.”

Currently, Olfa is seeking enforcement of the award against Olainfarm. Also, Sayenko Kharenko reports, “Olfa has already started the process of recovery of the additional damages incurred due to Olainfarm’s continuous violation of the contract in 2021.”

Sayenko Kharenko’s team included Counsel Volodymyr Yaremko, Senior Associates Andriy Stetsenko and Dmitriy Riabikin, Associates Alina Danyleiko and Yaroslava Frank, and Junior Associate Yuliia Pavlova.

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AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com


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