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Induyco opposes to the payment of the award

30
Nov '09
On October 28, 2009, the Secretariat of the International Court of Arbitration notified an award to Lectra and Induyco in an arbitration initiated by Lectra in 2005 against Induyco, the former shareholder of Investrónica Sistemas. The arbitration arose out of Lectra's acquisition of Investrónica Sistemas in 2004. In the award, the international arbitral tribunal awarded Lectra €21.9 million plus interest.

Following notification of the award, Lectra called on two first demand guarantees that were provided by Induyco pursuant to the terms of the share purchase agreement and requested Induyco to pay the full amount of the award plus interest.

Induyco has since obtained in Spain an interim order temporarily suspending operation of the demand guarantees based on a claim that Lectra must recognize and enforce the award in Spain before it can recover any amounts under the guarantees. Induyco has also taken steps in England (where the arbitration took place) to challenge the award. Lectra has not yet been served with a copy of the writ and claim in either the English or Spanish court actions on the merits.

Lectra considers both court actions to be entirely without merit and intends to mount an aggressive and vigorous defense of its rights and recovery of the amounts due to it under the award.

Lectra


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