Outokumpu hasresponded to the decision made by the Secretary General of the International Court of Arbitration of the International Chamber of Commerce (ICC) regarding the dispute initiated by RAOS Project Oy. This development relates to the termination of the EPC contract between Fennovoima Oy and RAOS Project Oy and its subsequent implications.The Secretary General's decision to refer the dispute to an arbitral tribunal prompts Outokumpu to assert its position. Outokumpu disputes the existence of any contractual relation, obligation, or arbitration agreement with RAOS Project Oy. As a non-party to the EPC contract, Outokumpu challenges the jurisdiction of the arbitral tribunal to address matters concerning the company.It is important to note that the administrative decision made by the Secretary General is preliminary and does not have binding implications for the arbitral tribunal. Outokumpu firmly contests the claims made by RAOS Project Oy and is prepared to mount a robust defense against these baseless allegations. The company has not made any provision in its accounting to account for this matter.Outokumpu holds a 22% stake in Voimaosakeyhtiö SF, which in turn owns 97% of the shares in Fennovoima Oy. In its financial statements as of December 31, 2021, Outokumpu fully wrote down the value of its investment in Voimaosakeyhtiö SF. This decision reflects the company's approach to addressing the circumstances surrounding its investment.
Outokumpu hasresponded to the decision made by the Secretary General of the International Court of Arbitration of the International Chamber of Commerce (ICC) regarding the dispute initiated by RAOS Project Oy. This development relates to the termination of the EPC contract between Fennovoima Oy and RAOS Project Oy and its subsequent implications.The Secretary General's decision to refer the dispute to an arbitral tribunal prompts Outokumpu to assert its position. Outokumpu disputes the existence of any contractual relation, obligation, or arbitration agreement with RAOS Project Oy. As a non-party to the EPC contract, Outokumpu challenges the jurisdiction of the arbitral tribunal to address matters concerning the company.It is important to note that the administrative decision made by the Secretary General is preliminary and does not have binding implications for the arbitral tribunal. Outokumpu firmly contests the claims made by RAOS Project Oy and is prepared to mount a robust defense against these baseless allegations. The company has not made any provision in its accounting to account for this matter.Outokumpu holds a 22% stake in Voimaosakeyhtiö SF, which in turn owns 97% of the shares in Fennovoima Oy. In its financial statements as of December 31, 2021, Outokumpu fully wrote down the value of its investment in Voimaosakeyhtiö SF. This decision reflects the company's approach to addressing the circumstances surrounding its investment.
