The Vinacam JSC has secured a victory in a lawsuit against the Keytrade Group, headquartered in Switzerland, over a case in which the latter failed to complete a urea supply contract for the Vietnamese company. The Ho Chi Minh City’s Supreme People’s Court ruled in an appeal hearing on Wednesday that Keytrade has to compensate Vinacam VND43.6 billion (roughly US$2.1 million), as earlier declared at the first instance trial. On December 26, 2008, Vinacam inked a contract with Keytrade to buy 25,000 tons of urea fertilizer at $239 a ton. The Vietnamese company demanded that the fertilizer be of Russian or Ukrainian origin, and the deadline for delivery was January 31, 2009. Vinacam opened a letter of credit on January 2, 2009, but the multinational group informed them six days later that they were unable to complete the contract due to the obstruction of the natural gas supply from Russia to Ukraine. Natural gas is the primary raw material used to manufacture urea. The appeal court, however, said that as the contract requested that Keytrade supply urea from either Russia or Ukraine, the obstructed natural supply from Russia to Ukraine didn’t have any impact on the urea manufacturing in Russia. “Hence, if Keytrade failed to source the fertilizer from Ukraine, it should have switched to Russia to find alternative supply to complete the contract with Vinacam,” the court ruled.
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