Metodi Baykushev spoke at the ICC Prague Arbitration Day about a fascinating “sham” arbitral award story
25 March 2019
The head of DPC’s Dispute Resolution Practice Metodi Baykushev was a speaker at the Prague Arbitration Day 2019, organized by the International Chamber of Commerce (ICC) and ICC Czech Republic on 15th March this year.
Metodi was in the first panel with the telling title “The Good, the Bad, and the Ugly. What has Arbitration done for you?”. His co-panelists were Jörn Schmidt - Head of Commercial Litigation at NOKIA, Germany; Michelle Sindler - Alternate Court Member at the ICC Court of Arbitration, Australia; Petr Skalský, General Counsel at Metrostav, Czech Republic. The discussion was chaired by Michal Čáp from ROWAN LEGAL, Czech Republic.
Over 100 prominent lawyers and in-house counsels from different countries listened with interest to the case recently dealt with by DPC about a “sham” international arbitration that had led to a Bulgarian court ruling allowing enforcement and threatening with bankruptcy a reputed local telecom company. DPC’s client had never signed an arbitration agreement, had never taken part in the arbitration procedure, and has in fact not been aware of it. As it turns out later, the company has been represented in the proceedings by a non-existing Viennese lawyer
Commenting on the phase of the case development when the company has been obliged by writ of execution to pay an amount of appx. Euro 1,1 mil and its accounts have been frozen by the enforcement agent, Metodi stated: “In an extremely complicated situation for our client gaining the trust of the police and the prosecutor was vital. The adequate actions of authorities prevented the payment under the fake arbitral award. The subsequent successful repeal of the writ of execution and refusal of enforcement put an end to this horrifying story”.
The timely and competent endeavours of DPC’s lawyers gave reason to the authorities to prevent fraud on a large scale and the business of the prospering Bulgarian company was saved.
*You can read more about the case here.« Previous Next »