Information for fruit and vegetables business in CIS
WNISEF vs. Sonola: unpaid debts
Natalia Yaresko announced to the 25th press conference that Western NIS Enterprise Fund (WNISEF), appealed to Kirovohrad Count of Arbitration asking for acknowledging the verdict of the NY Supreme Court, which demands that CJSC Sonola (Ukraine) returns the debt worth US $3.8 mn.
The juice of the story is arguments of the WNISEF, System SSB, and JSC Sonola where the latter owes WNISEF loan worth US $ 3.8 mn. Sonola believes that the equipment supplied as a loan was of improper quality.
Although the NY Court of Arbitration issued a verdict where indebtedness of Sonola to WNISEF was declared back on Aug 2, 2001, no money has been returned as yet.