According to a press release, dated 10 August 2017, an arbitration award rejecting a 460 million $ claim brought by Carl Sax has been upheld by the Svea Court of Appeal, after nearly 10 years of legal fighting.
The Court rejected an application to set aside an award brought by Carl Sax. Mr Sax will have to pay 70% of the Respondents’ bill. Saint Petersburg, Pulkovo Airport and Rossiya Airlines won the award in 2012 from a Stockholm-seated Tribunal applying UNCITRAL rules.
Sax was blaming Saint Petersburg’s city government for not respecting a 1995 cooperation agreement. According to him, the agreement required the integration of Sax’s company in the development project of a new international terminal at Pulkovo airport.
The Arbitral Tribunal found that Sax had never come up with an appropriate financing proposal for the airport project. Mr Sax could not expect to be retained as the investor or to share in the terminal’s profits.