Press-release concerning Worldwide freezing order from December 16, 2011

JFC Group Co Ltd (St.Petersburg, Russia) received a copy of the Оrder of the High Court of London issued in regard of Star Reefers claim. JFC Group Co Ltd were not informed about the hearings and its representatives were not present. JFC Group administration regrets that the company got involved in commercial dispute between foreign companies and also the fact that the dispute was made public by one of the parties.  

JFC Group Co Ltd management is confident that the dispute can be settled commercially and hopes that the parties will use this possibility in full.

Andrey Afanasiev, Chief Executive Officer, JFC Group Co Ltd: “Star Reefers claims were caused by the decision of one of the partners of our company to terminate chartering contract with Stars. Frequent break-downs of the vessels and their improper condition lead to significant financial losses on the part of the charterer and forced it to break it’s obligations with the clients – including JFC Group Co Ltd.”

On December 22 the High Court of London set the date of the next hearing on January 27, 2012. During the next hearing the Judge will listen to and consider the arguments and objections of JFC Group Co Ltd. JFC Group  is currently discussing with its lawyers the possibility to amend the Court order.