Urals Energy PCL says that on 21 July 2014 the Moscow arbitration court dismissed the claim of UEN Cyprus Limited in respect of a case to recover the sum of US$41,652,000 from Urals Energy (the “Claim”) on jurisdictional grounds. Further details of the claim by UEN Cyprus Limited appear in the announcements made on 23 October 2013 and 21 November 2013.

Whilst the Company is pleased with the preliminary decision of the Moscow arbitration court, it has not yet received the final judgement from the court. In addition, given that the Claim was dismissed on jurisdictional grounds, it being between two Cypriot companies, the Board anticipates that it is likely that an appeal will be made and also that a new claim will be launched in Cyprus.

Tags: Urals Energy Public Company