Olympic Entertainment Group filed a lawsuit against Ukraine in international arbitration because of the introduction of the ban and the closure of its casino and the resulting losses of 40 million euros.
According to Ukrainian News, this information is stated in the documentation for the draft decree of the Cabinet of Ministers on the procurement of legal services for 2019,
It is indicated that on November 8, 2018, the Ministry of Justice received a message from Olympic Entertainment Group about opening an arbitration proceedings against Ukraine in accordance with the arbitration rules of the UN Commission on International Trade.
The Estonian company noted that it is the founder of LLC Olympic Casino Ukraine, which owned 23 gambling establishments in Ukraine.
In May 2009, the Ukrainian government imposed a ban on gambling and restricted the activities of gambling establishments in the country.
“According to the Estonian side, such actions of Ukraine were unpredictable, unreasonable and reckless. Olympic claims that the adoption of these regulatory acts led to expropriation and the loss of its investments in the total amount of more than 40 million euros,” the documents says.
The company claims that Ukraine has taken discriminatory measures, has violated the rule of protecting foreign investment. The company Olympic asks international court to recognize the violation of the interstate agreement with Estonia on the protection of investments by Ukraine, to recover material damage from Ukraine, as well as compensation for the costs of the arbitration proceedings.
The case will be considered by international ad hoc arbitration. At the moment, there is a procedure for the formation of the arbitration tribunal. Ukraine decided to involve a foreign legal adviser to participate in the trial.