Terms of settlement have been reached in the protracted legal dispute between Polish shipyard Stocznia Gdanska, Latreefers
and the Latvian Shipping Company
(Latco). The settlement, the terms of which remain confidential, brings to an
end a long-running legal battle which has been fought out in the English and French courts over a period of years. The Latvian interests were represented throughout by Lawrence Graham
. Ince & Co represented the Polish yard.
The dispute centered on the shipyard's claimed entitlement to damages arising from the failure of Latreefers, a wholly owned subsidiary of the Latvian Shipping Company, to meet contractual payments under a 170 million-dollar, six-reefership order placed with the Gdansk yard in 1992 and subsequently cancelled.
Several vessels belonging to Latco or subsidiary companies were arrested in France by Stocznia Gdanska in an attempt to enforce its claims against Latvian Shipping Company. Most arrests were subsequently lifted, and the remaining two
vessels still under arrest as a consequence of the dispute, the "Razna" and the "Taganroga", have now been released also.
Source: Maritime Advocate Online