MOSCOW (MRC) -- Arkema announced that as part of an arbitration procedure initiated by the Klesch Group against Arkema in March 2013, the Court of Arbitration of the International Chamber of Commerce has dismissed all the claims made by the Klesch Group against Arkema, as per company's press-release.
The court has ordered Klesch Chemicals to pay Arkema EUR73.6 million (USD78.2 million) in damages and the Klesch Group to reimburse Arkema the major part of the costs incurred in this procedure.
Klesch Group initiated the arbitration procedure in 2013, seeking EUR310m in compensation from Arkema for misrepresentations in the sale of its vinyls business. As MRC informed earlier, Klesch Group, led by American investor Gary Klesch, said it had discovered significant gaps in the information presented by Arkema's management before it completed the acquisition in July of Kem One SAS, whose products are used in items ranging from pipes and packaging to paper.
The court has also ordered Klesch Group to reimburse to Arkema the majority of the costs incurred in the arbitration procedure, it said.
Arkema is a leading European supplier of chlorochemicals and PVC. Kynar and Kynar Flex are registered trademarks of Arkema Inc.
MRC