The Canadian-Ukrainian Chamber of Commerce (CUCC) continues to closely monitor developments surrounding a lawsuit in which the Canadian renewable energy investor TIU Canada is defending its rights against the Nikopol Ferroalloy Plant in connection with the illegal shutdown of its Nikopol solar power plant from the power grid.
The company, also a member of CUCC, appealed the initial decision of the Commercial Court of Kyiv. The first hearing in the appeal process was supposed to take place on April 12, 2021, but was postponed due to the judge’s illness and a reported bomb threat towards the Northern Commercial Court of Appeal in Kyiv. The next meeting is scheduled for May 17, 2021, at 11.40 AM. According to TIU Canada, they are fully committed to asserting their rights, including with the Supreme Court of Ukraine.
As the largest Ukrainian Canadian business association, we cannot stand aside and express our hopes that the rule of law will prevail in this matter. What is also important is the continued public discourse this situation has gained abroad, especially in Canada, where high-ranking politicians have published direct statements on the matter. This continued attention may cause further negative impacts on Ukraine’s investment image and exacerbate the tendency to reduce foreign investment due to further negative signals regarding the investment climate.
We call on the Government of Ukraine to bring further attention to this case, promote equal conditions for doing business for all stakeholders in compliance with the norms and provisions set forth in the legislation of Ukraine. We also call on the Government of Ukraine to adhere to their own prior public statements on foreign investment protection.