On January 8, the court stated that the decision taken by the Stockholm Arbitration Institute as regards UBIG’s and Romanovs’ debt to the Russian company should be executed in Lithuania. An appeal against this ruling may be lodged with the Lithuanian Supreme Court within three months from the date of its adoption.
In April 2010, the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) obliged Viva Trade, a Wisconsin-registered limited liability company, UBIG, Vladimir and Roman Romanov to pay to Rual Trade 2.5 million US dollars (LTL 6.814m), which they had not paid under the amicable deal, plus 5 percent annual interest charged from August 2, 2009, and 65,900 euros in Rual Trade's arbitration costs.
UBIG and Romanovs sought to overturn the decision through Sweden’s courts but did not succeed.
UBIG invests in property, banking, aluminium industry, mining, logistics, textiles, sports, financial mediation and consulting, and other sectors.
