Banking and Finance Litigation
- A Finnish company, which had financed an Estonian entrepreneur, in negotiations regarding the calling on a bank guarantee. The Estonian bank accepted to pay despite unclear wording.
- A Finnish bank against an Iranian state-owned bank concerning performance guarantees given by Finnish building companies in a construction project in Teheran. To the satisfaction of the Finnish bank, the Supreme Court dismissed all claims of the Iranian state-owned bank as the execution of the project became impossible due to acts of the Iranian state and because the Iranian bank claimant was considered to be under the control of the state.
- The Finnish Guarantee Board in a number of recovery proceedings against the bankruptcy estate of a major Finnish company. The total value of these cases was several hundred million euro.
- A financing company in an arbitration against a bankruptcy estate concerning the reservation of title to machinery under a major supply contract.
- A Finnish company in a dispute against a well-known UK supplier concerning the delivery of turbines to Russia and services related thereto. The dispute also involved complicated issues related to a first demand guarantee granted by a UK bank to a Finnish bank, which we also advised in the matter. The client won the ICC arbitration and the claimant withdrew the rest of its claims.