CLAIMS BY ROZ TRADING LTD AGAINST ZEROMAX DISMISSED IN USA; RELATED ARBITRATION TERMINATED IN AUSTRIA3 December 2007Zug: On 28 September 2007, the United States District Court for the District of Columbia dismissed all claims against Zeromax GmbH in a civil action brought by ROZ Trading Ltd. and ROZ Trading Ltd. (Uzbekistan). The Court held that it lacked jurisdiction to hear ROZ Trading's claims against Swiss-registered Zeromax, which arose from ROZ Trading's former interest in the Uzbek joint venture Coca-Cola Bottlers Uzbekistan Ltd. Earlier this year on 24 June 2007, in a related arbitration initiated by ROZ Trading Ltd. at the International Arbitral Centre of the Austrian Federal Economic Chamber, the arbitral tribunal terminated the proceedings as to Zeromax Group, Inc. - a dissolved former affiliate of Zeromax and the only Zeromax entity named as a defendant in the arbitration. The tribunal further decided that ROZ Trading could not re-introduce its claims in a further proceeding under the Vienna Arbitration Rules. Costs of Euro 155,000 and US$ 285,000 were awarded to Zeromax. Ends. Close window |