Preview Page SAR 2001 - 1
Subject-matters:
(1) Applicable law for deciding the arbitrators’ competence.
(2) Does an arbitration agreement between a creditor and a debtor extend
to a pledgee to whom the creditor has pledged its claims?
Findings:
(1) Under Section 39 of the Swedish Arbitration Act (1999), Swedish law
shall govern the arbitration agreement when the proceedings take place in
Sweden.
(2) The arbitration agreement is applicable and the arbitrators have jurisdiction
to try the debtor’s claims against the pledgee for refund of payments
made by the debtor through Letters of Credit.
Parties:
Claimant: B, Buyer (The Netherlands)
Respondent:P, Pledgee (Finland)
Place of arbitration:
Stockholm, Sweden
Nationality of arbitrators:
Chairman: Swedish
Arbitrator: Swedish
Arbitrator: Swedish
Amount in dispute:
EUR 13 880 000
Arbitration costs:
EUR 346 000
