We are disappointed by the court’s unfounded ruling and we will appeal.
Baring Vostok believes that this entire court process, including today’s ruling, has caused serious damage to the reputation of Russia’s system of arbitration justice. Despite the fact that the defendant submitted over 6,000 pages of documents that shed light on the violations of the shareholder agreement and the option agreement, the court did not conduct a proper review of this evidence. It is clearly not possible to issue a legitimate and informed ruling regarding a series of complex transactions that are governed by foreign law.
We are confident that during the appeals process, all of the defendant’s arguments will be considered by the court.
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