Naftogaz explains purchase of armored vehicle for company head by risks due to litigation in Stockholm

National joint-stock company Naftogaz Ukrainy has explained the necessity of buying an armored vehicle for the company's head Andriy Kobolev by risks linked to litigation in the Arbitration Institute of the Stockholm Chamber of Commerce.

"The total of claims against us in lawsuits with Gazprom is $38.7 billion including interest. Our side's claims exceed $26.6 billion. Hearings in both cases are scheduled in the fall. Naftogaz head is not only a witness in the lawsuit, but he is also the head of the claimant company and the person acting on behalf of the company and making decisions linked to the lawsuit," Naftogaz said.

The company's board decided to buy the armored vehicle for the Naftogaz head.

"The ground for making the decision is standard business logic that is similar to the purchase of an insurance policy: better to spend a small amount now and minimize the risk of losing an asset in the future. The asset is the potential benefit from winning the lawsuit in the Stockholm arbitration institute," the press service said.

The press service said that the purchase of the vehicle could be annulled, as a similar vehicle was proposed to the company to use free of charge.