The US Court of Appeals ruled in favor of Moldovagaz and the Moldovan government on the claim of Gater Assets Limited totaling $32.5 million.
In particular, the US Court of Appeals for the Second Circuit (New York) ruled to appeal the ruling of the New York District Court dated November 1, 2019 on the restoration of the statute of limitations and the enforcement of the arbitral award on the claim of Gater Assets Limited against JSC Moldovagaz and the Republic of Moldova. Moldovagaz press service reported this, noting that the total claim amounted to $32.5 million, of which $9.86 million accounts for the main debt for the natural gas delivered to the Gazsnabtranzit enterprise in 1998 (the legal successor is Moldovagaz), and $22.64 million is a penalty calculated since 2000 at a rate of 6.375% per annum. According to the text of the decision of the Appeals Chamber, the Moldovan government does not exercise extended control over Moldovagaz, and also does not abuse the corporate structure of the enterprise. Moreover, the document points out the fact that Moldovagaz is a full-fledged independent legal entity. Thus, JSC Moldovagaz confirmed its "legal status of independence". Gater Assets Limited received claims from Lloyds Underwriters in 2012, which reinsured the natural gas supply deal for Gazsnabtranzit in 1998. The first order acknowledging the decision to recover the principal debt was issued by the District Court of New York in July 2000, and in fact, by the resolution of the Second-level Appeals Chamber of June 22 of the current year, it cannot be enforced. // 24.06.2021 - InfoMarket
