Breaks the Deal with the Telenor Asset in Court

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A software agreement worth $207,380 was shut by the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry in March 2009. According to the decision N229в/2008 Telenor asset - Ukrainian IT company Miratech has to return all the payment to its customer: the advance payment - $125,000 and legal costs - $7,000. By August, 2009 the decision isn`t fulfilled enforcing the complainant to obtain assistance of bailiffs.

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The agreement was signed by Everfield Capital UK - the owner of online hotel reservation websites, and Miratech UK - one of the software development leaders with the Ukrainian back office as a general contractor.

In November, 2007 Miratech engaged to develop software for the online travel agency (like Expedia, Orbitz, Opodo) - the first to the market in Ukraine and CIS countries. In October, 2008 after several months of disputes on functional biases and non-observance of contract terms dissatisfied customer shut the deal in the Court.
The representative of EC UK, Ivan Kovpak indicates first of all reputational problem for European shareholders - since 2008 Miratech is acquired to Telenor and EDB Business Partner Corporation. As to Ivan, main shareholders could call for submissions their Ukrainian asset and settle down the conflict formed because of non-observance of the international commercial law.

Despite of the fact that Miratech and EC de facto are Ukrainian companies, both are registered in the UK. The decision of the International Arbitration Court is mandatory for the execution, but to seek the means of forcing is necessar at the place of registration of the defendant. The British lawsuit had been already prepared, but litigation could take time, in addition Miratech has no assets in Britain.

At the post-Soviet space the decision of Arbitration Court could face difficulties and more efficient would be claiming the state court of arbitration. But the arbitration clause consideration in case of possible disputes was added to the contract by Miratech initiative.

Everfield Capital UK is a British company founded in 2006. The owner of online hotel reservation websites that invests in online travel industry.

Miratech is one of the leaders in Ukrainian software development. Norway company EDB Business Partner is a major shareholder of Miratech (61%). Telenor gained control on EDB through the shareholder agreement (51%) in 2004. Ukrainian developers clients are global players such as Genesys, Samsung, Siemens, The World Bank.

online hotel reservation

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Ivan Kovpak
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