Ukrainian CME dispute continues

November 2, 2012 10.05 Europe/London By Chris Dziadul

The leading Russian and CIS ad sales house Video International (VI) is continuing its legal battle in the London International Court of Arbitration with the Ukrainian broadcaster Studio 1+1 and its previous owner CME.

Moreover, reports Kommersant, despite losing a case in the Ukrainian courts, it now has a good chance of winning.

The action stems from a decision by Studio 1+1 and CME to terminate a contract with VI early back in 2008.

VI initially sought $58.5 million (45.2 million) in compensation, though that figure has since been reduced to $4 million.

Although CME has since sold its stake in Studio 1+1, it is understood to be still liable.