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Swedish court rules in favor of VEB in dispute with Ukraine over Prominvestbank

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Swedish court rules in favor of VEB in dispute with Ukraine over Prominvestbank

The Arbitration Institute of the Stockholm Chamber of Commerce ruled in favor of Russia's State Development Corp. VEB.RF in a dispute with Ukraine and prohibited the country from selling shares in VEB unit PSC Prominvestbank, news agency Interfax-Ukraine reported.

The court also ordered Ukraine to compensate VEB for all arbitration costs borne by the Russian state corporation, the report said.

VEB launched the arbitration proceedings in June, arguing that Ukraine infringed an investors rights protection agreement by discriminating against Russian investors.

Prominvestbank shares, equivalent to a 99.77% stake, were put up for sale in an auction slated for Aug. 28 on Ukraine's PFTS Stock Exchange by companies associated with Ukrainian businessman Ihor Kolomoisky. It was part of court proceedings to receive compensation for assets Russia seized during the annexation of Crimea in 2014.

A Ukrainian court banned the sale after a request from VEB but the ban was later overruled by the country's appellate court.