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The court awarded Ucom’s motion to apply interim measure

The court awarded Ucom’s motion to apply interim measure

14/08/2020

In response to mass media inquiry, we would like to inform that on 13 August this year Yerevan First Instance Court of General Jurisdiction partially awarded Ucom CJSC’s motion to apply interim measure to the extent that prohibited TEAM LLC to conclude an acquisition transaction of Veon Armenia CJSC shares and submit for registration the rights arising from the transaction.  

Ucom CJSC filed a claim with Yerevan First Instance Court of General jurisdiction against TEAM Limited Liability Company requesting to confirm that in the existing conditions the use of undisclosed information possessed by Ucom CJSC in the negotiation on the acquisition by TEAM LLC of Veon Armenia CJSC shares and the violation by the TEAM LLC founders of the fiduciary obligations against Ucom CJSC is an unfair competition as well as requested to oblige TEAM LLC to stop unfair competition.

It should be noted that Ucom requested to apply an interim measure, particularly prohibit TEAM LLC to conduct negotiations on conclusion of acquisition transaction of Veon Armenia CJSC shares as well as conclude the negotiated acquisition transaction of Veon Armenia CJSC shares (sign the transaction and submit for registration the rights arising from the transaction).

Taking into consideration the peculiarities of the case Ucom refrains from provision of further information, but in the upcoming stages of the case additional clarifications will be disclosed to the public, if needed.

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