Asters successfully represented ASK Technology Limited, a leading Hong Kong manufacturer of multi-GPU systems for mining, rendering and AI, in a dispute with a Finnish company that was resolved in Arbitration Institute of the Stockholm Chamber of Commerce. The dispute revolved around a contract for the supply of equipment for the mining of Ethereum, one of the fastest growing cryptocurrencies alongside with Bitcoin.
Asters represented the seller under the contract that provided the buyer with the necessary cryptocurrency mining equipment. However, some time after the delivery had been made, the buyer started claiming that the equipment failed to meet the quality requirements set out in the contract. In particular, the buyer alleged that the equipment's hash rate parameters are lower than agreed between the parties and thus its output of Ethereum was less than expected. Against this backdrop, the buyer sought the full repayment of the purchase price plus interest or, alternatively, the compensation for damages incurred by the delivery of defective mining equipment.
The sole arbitrator rejected all of the buyer's claims, finding that the delivered mining equipment was of contractual quality. In ruling in the seller's favor, the arbitrator accepted Asters' interpretation of both the contract and Hong Kong law (which was found to be applicable law despite the buyer's objections). Moreover, the arbitrator ordered full arbitration and legal costs of the client that were incurred during these proceedings, to be compensated by the opponents as a losing party.
Asters team was led by Partner Markiyan Kliuchkovskyi and included Counsel Oleksandr Volkov, and Associate Mykhailo Soldatenko. Hong Kong's leading law firm Deacons was engaged as Hong Kong law expert.
Asters is the largest law firm in Ukraine with offices in Kyiv, Washington D.C., Brussels and London. Chambers Europe 2019 recognizes 19 lawyers of Asters – the largest number of the renowned practitioners in a single Ukrainian law firm.