Sayenko Kharenko has successfully represented seller MHP Food Trading in arbitration proceedings under FOSFA Rules of Arbitration and Appeal against a buyer based in Hong Kong.
MHP Food Trading is the UAE-based subsidiary of the MHP Group, an international food, agro, and tech company with headquarters in Ukraine.
According to Sayenko Kharenko, “the dispute arose under the English law-governed FOSFA Model Contract No. 56 on the supply of sunflower oil by MHP. Since the buyer failed to make the contractually agreed advance payments for the sunflower oil, MHP could not supply the commodity to the buyer and was forced to resale it to a third party with a significant discount. The resulting FOSFA claim against the buyer concerned the damages caused to MHP by the buyer’s breach of the contract. Ensuing arbitration proceedings conducted by the arbitral tribunal of three arbitrators involved multiple submissions by each party on the points of facts and law. The tribunal accepted the position of MHP and awarded it almost USD 1 million, including damages, compound interest, and arbitration costs.”
Sayenko Kharenko’s team included Partner Olexander Droug, Senior Associate Andriy Stetsenko, Associate Vladyslav Bandrovsky, and Junior Associate Yuliia Pavlova.
