Legal award for KPMG Legal | KPMG | UA

KPMG Legal was honored with a 2016 KPMG Legal Services Award in the category “Domestic Advisory Engagement of the Year”

Legal award for KPMG Legal

The outstanding certificate of achievement was presented in Dublin, Ireland at KPMG Legal Services Conference for the almost three-year long engagement of KPMG Legal in the litigation process of a large European bank against PJSC “Ukrnafta” regarding the collection of dividends.

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During this engagement not only did our legal colleagues successfully protected the client’s interests before the court, but also managed to facilitate the forming of new positive court practiceб as well as showed outstanding performance while collecting the funds at the enforcement stage. The project also included a great amount of work regarding the advice on the Ukrainian legal matters, negotiations on ADR conversion as well as structuring of dividends repatriation abroad.

This high award became possible due to the uniqueness of the project, and namely:

  1. the engagement stands out as it was the first commercial litigation project in the Legal practice of KPMG Ukraine. This project laid foundation of the entire litigation practice of our firm.
  2. the engagement was complex and multijurisdictional. Our colleagues assisted the client at all stages of the debt recovery process, starting from development of the legal defence strategy to enforcement/ collection of the awarded dividends. Furthermore, during the project, KPMG lawyers had to work not only with the Ukrainian law, but also with the laws of other jurisdictions, namely New York, Cyprus and England.
  3. in the course of the engagement we developed and successfully implemented certain innovative and non-standard solutions to address/ overcome the challenges (e.g., dividends assignment solution, claims for Forex losses/ loss of profit, dividends repatriation solution) (for more details on the awards enforcement, please refer to section 3 below).
  4. during the project the Ukrainian Cassation Court set a precedent whereby for the first time in Ukraine the court explicitly confirmed/ recognized the shareholders’ right to assign the dividends to a third party.

For this project kudos go to Yuriy Katser, acting Head of Legal and Anatoliy Rybak-Sikorskiy, who demonstrated brilliant effort and diligence, as well as to other legal team members involved into the project.

We wish our legal team every success in their further engagements and believe this award is only the beginning!

© 2017 KPMG-Ukraine Ltd., a company incorporated under the Laws of Ukraine, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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