Market announcement

Title

The court has decided not to satisfy the application of Tradco B.V. against VV Tuulepargid OÜ

Message

On 6 November 2015 the Tallinn Circuit Court has made a decision in civil case no 2-15-7082 by which the court decided not to satisfy the application of Tradco B.V. (Tradco) and not to nullify the 3 April 2015 Final Award of the ICC International Court of Arbitration with which the ICC Arbitration Court dismissed the claims of Tradco against Issuer’s subsidiary VV Tuulepargid OÜ (VVT) in full. 

VVT was a party in the ICC International Court of Arbitration Case No 20108/MHM where Tradco claimed (on the basis of alleged claims acquired from WinWind Eesti OÜ) from VVT making of contractual payments of EUR 2,566,376 plus interest under the turnkey agreement for Viru-Nigula windfarm and returning of the unjustly received sum of EUR 2,742,535 plus interest. On 3 April 2015 the ICC International Court of Arbitration rendered the Final Award in this case with which it found that it has jurisdiction to hear the case and decided that the claims of Tradco are fully time-barred and dismissed all claims of Tradco against VVT in full. 

According to the Estonian Code of Civil Procedure the 6 November 2015 decision of the Tallinn Circuit Court in civil case no 2-15-7082 is final and Tradco does not have the right to appeal against this decision to a higher court.

Based on the above, the Issuer is of the opinion that the described legal proceedings have ended and these are not likely to have a Material Adverse Effect.