Tallinn, Estonia, 2014-03-17 10:31 CET (GLOBE NEWSWIRE) --
On 14 March, AS Ekspress Grupp communicated to the Court of Arbitration of the Estonian Chamber of Commerce of Industry its objections, with respect to the claim, filed with the Court by Eesti Meedia, and also submitted a counterclaim. In its objections and counterclaim, AS Ekspress Grupp gave the Court its proofs and reasons to evidence its position, stating that AS Eesti Meedia has breached the shareholders’ contracts, concluded between the parties, hence making it impossible for AS Ekspress Grupp to exercise its right for redemption of joint ventures, provided by the aforementioned contracts, also asking the Court for assistance in enforcing the contracts between the parties. In its claim, AS Ekspress Grupp also asked the Court to adopt a ruling that would claim AS Eesti Meedia to pay a contractual penalty and fines for delays in total sum of 3.55 million euros.
AS Ekspress Grupp also hereby announces that due to the confidentiality of the arbitration proceedings the company will not disclose any additional information on this subject until the Court has passed its ruling on this matter.
Chairman of the Management Board
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