Kompozit LLC v Republic of Moldova (SCC Emergency Arbitration)
In June 2016 Kompozit LLC, a Russian shareholder of JSC Moldova Agroindbank (MAIB) applied for interim relief from SCC Emergency Arbitrator Mr. José Rosell.
The dispute arose out of the actions by the National Bank of Moldova impairing the Claimant’s shareholding in MAIB: finding that Claimant failed to receive its approval of obtaining substantive shareholding, subsequent suspension of its shareholding rights and prospected forced sale of shares.
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Claimant alleged violations of 1998 Russia-Moldova BIT provisions on fair and equitable treatment (Article 3) and expropriation (Article 6).
In emergency arbitration Kompozit LLC requested that the Moldovan authorities refrain from any further steps leading to the cancellation of its shareholding in MAIB.
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Emergency Arbitrator partially granted the application: the Moldovan authorities were enjoined from transferring any of the Claimant’s shares to a third party.
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The Claimant’s request to recover its suspended shareholding rights was denied.
About the Author: Yelena Burova
Elena Burova is a regular contributor to the CIS Arbitration Forum. She holds an LL.M. degree in Investment Treaty Arbitration from Uppsala University (Swedish Institute scholar 2015-2016) and graduated with honours from Moscow State Institute of International Relations (MGIMO University) in 2015. Elena focuses on international commercial and investment arbitration and worked/trained in international law firms in Stockholm and Moscow.Subscribe
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