|Jan. 24, 2008||Print This | Email This|
"I'm thrilled Russia's High Arbitrazh Court affirms its commitment to providing a fair and unbiased platform for justice to prevail by denying MOR's appeal and refusing to give credence to such facetious litigation," said, Tamir Sapir, CEO Joy-Lud Distributors International, Inc. "Only if enforced, this decision by the High Arbitrazh Court will be another step closer to fostering trust and goodwill in Western/Russian business relations."
"The Court rejected MOR's appeal as it failed to support its argument with any evidence," stated Gene Burd, a Philadelphia lawyer on Mr. Sapir's legal team. "MOR's argument was groundless as all Joy-Lud Distributors International, Inc.'s corporate documents demonstrated that it was in fact the same company that MOR entered into contract with and which was a party to arbitration and Russian litigation."
"This decision demonstrates a step towards further development of the rule of law in the Russian Federation. With the award upheld for the second time by Russia's highest commercial court, it is now critical that the award be paid if there is hope of alleviating fears for Western companies considering investments in Russia of having no legal recourse. After two and a half years, the world is still watching," said Richard L'Altrelli, General Counsel, Joy- Lud Distributors International, Inc. and The Sapir Organization.
MOR nonetheless continues its efforts to avoid payment of the award. RUBENSTEIN PUBLIC RELATIONS Contact: Olga Shmuklyer Phone: 212-843-8364 Email: OShmuklyer@rubensteinpr.comThe Sapir Organization
CONTACT: Olga Shmuklyer of Rubenstein Public Relations, +1-212-843-8364,
OShmuklyer@rubensteinpr.com, for The Sapir Organization