Inside information: Innofactor Plc to collect only partially the previously awarded damages related to the Lumagate acquisition
July 03 2024 - 8:30AM
UK Regulatory
Inside information: Innofactor Plc to collect only partially the
previously awarded damages related to the Lumagate acquisition
Innofactor Plc Inside Information, on July 3, 2024,
at 15:30 Finnish time
On 11 November 2021, Innofactor Plc has announced that it has
been awarded approximately 2,3 million euros in damages in
arbitration proceedings at the Stockholm Chamber of Commerce (SCC).
The damages are related to the 2016 Lumagate acquisition and the
subsequent breach of contract by the counterparty.
Following the SCC's arbitration award, the counterparty of the
Lumagate acquisition has gone bankrupt. Following the bankruptcy,
Innofactor Plc has continued to pursue damages in the SCC’s
arbitration on behalf of the counterparty's bankruptcy estate. The
subsequent claim is against the legal counsel, which was the
counterparty’s advisor during the Lumagate acquisition.
On July 3, 2024, the arbitration tribunal has awarded the case
for the benefit of the defendant. As a result, Innofactor Plc will
not receive the previously awarded damages to full extent, but the
distribution share shall be EUR 1.0 million at the maximum. In
addition to this, Innofactor Plc will bear its own costs of
approximately EUR 309,000, the opposing party’s costs of
approximately EUR 310,000 and the costs for the arbitration, EUR
166,150.
Espoo, July 3, 2024
INNOFACTOR PLC
Sami Ensio, CEO
Additional information:
Sami Ensio, CEO
Innofactor Plc
Tel. +358 50 584 2029
sami.ensio@innofactor.com
Distribution:
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