On August 13 Yerevan First Instance Court of General Jurisdiction partially awarded Ucom CJSC’s motion.
Ucom has announced that the court has prohibited TEAM LLC to conclude an acquisition transaction of Veon Armenia CJSC shares and submit for registration the rights arising from the transaction.
Ucom filed a claim with Yerevan First Instance Court of General jurisdiction against TEAM, requesting to confirm that the use of undisclosed information possessed by Ucom in the negotiations on acquisition of Veon Armenia CJSC shares by TEAM and the violation by the TEAM founders of the fiduciary obligations against Ucom is an unfair competition as well as requested to oblige TEAM LLC to stop unfair competition.
“Ucom requested to apply an interim measure, particularly prohibit TEAM LLC to conduct negotiations on conclusion of acquisition transaction of Veon Armenia CJSC shares as well as conclude the negotiated acquisition transaction of Veon Armenia CJSC shares (sign the transaction and submit for registration the rights arising from the transaction).
Taking into consideration the peculiarities of the case, Ucom refrains from provision of further information, but additional clarifications will be disclosed to the public in the upcoming stages of the case, if needed,” Ucom said in a press statement.
