Announcement of Settlement with FAS
Global Ports Investments PLC (“Global Ports” or the “Company”, together with its subsidiaries and joint ventures, the “Group” or the “Global Ports Group”; LSE ticker: GLPR) today announces that Moscow Arbitrage Court has approved the terms of a settlement agreement (“the Agreement”) between the Russian Federal Antimonopoly Service (FAS) and the Group’s PLP terminal with respect to the findings of FAS in April 2017 that PLP (as well as a number of other Russian terminal operators) was in breach of antimonopoly laws in relation to the pricing of stevedoring services in Russian ports.
Although the specific terms of the agreement are confidential, the Group can confirm that the terms of the settlement will not have any material impact on the Group’s financial position or cash flow and will not negatively affect PLP’s operating activities in any significant way.
In April 2017 FAS also found the Group’s FCT and VSC terminals, to be in breach of antimonopoly laws in relation to the pricing of stevedoring services. The Group challenged the FAS findings with respect to each of FCT, VSC and PLP and appealed against the orders in court.
As previously announced, on 12th of December 2017 and 19th of December 2017 Moscow Arbitrage Court approved settlement agreements between FAS and the Group’s FCT and VSC terminals on similar terms.