The arbitration tribunal at the International Centre for Settlement of Investment Disputes (ICSID) has officially terminated the case of Gilward Investments B.V. vs. Ukraine due to the company’s failure to pay the required arbitration fee, according to a statement from the Ministry of Justice.
Source: Espreso
The claim, filed back in 2015, was initiated by a company linked to Ihor Kolomoiskyi and Heorhii Hurtovyi. Gilward’s demands amounted to approximately $700 million, accusing the Ukrainian state of actions that allegedly led to the bankruptcy of the airline “Aerosvit.” Among the allegations were: restricted access to air routes, preferential treatment of competitor UIA, expropriation of land at Boryspil Airport, VAT refund delays, and interference in bankruptcy proceedings.
The Ukrainian side argued that the bankruptcy resulted from the company’s internal problems and mismanagement by its owners — not government interference. Gilward failed to submit the complete set of documents and repeatedly requested postponements, citing Kolomoiskyi’s unavailability. However, Ukraine presented evidence proving he was accessible.
In 2024, the tribunal ordered both parties to pay $150,000 each as an arbitration fee. Gilward failed to do so. The proceedings were initially suspended in January 2025 and have now been fully terminated.
“Thus, the case — initiated by a Ukrainian oligarch in an attempt to shift responsibility for the bankruptcy’s financial fallout onto the state — was definitively closed, confirming it stemmed from internal failure and mismanagement,” the Ministry of Justice concluded.
Discussion about this post