Civil lawsuit in Korea resolved
The civil lawsuit regarding administrative costs initiated by the Korean subsidiary in Ulsan in 2017 have been resolved in favour of Ulsan City. The ruling will not impact the financial result as the costs already have been accounted for in their entirety. The company has yet to decide whether to appeal further.
As previously reported, the Korean subsidiary initiated legal proceedings in 2017 regarding certain administrative costs Ulsan City invoiced the company. The court has previously ruled these costs not to be subject to administrative law leading to the civil lawsuit. The first proceedings were held in May 2021 and a negative outcome was received in September 2021. The ruling was appealed, and the lawsuit was resolved today as the court announced its decision in favour of Ulsan City. The final ruling in writing is expected to arrive within August 31.
The administrative costs have already been accounted for in their entirety and the ruling will not impact the financial result. The company has yet to decide whether to appeal further.
The information is such that Biokraft International AB (publ) is obliged to make public. The information was provided, through the provision of the specified contact person, for publication 2023-08-23, kl 10:30.
För mer information vänligen kontakta:
Matti Vikkula, VD Biokraft International AB
Telefon +46-70 597 99 38
Epost: matti.vikkula(at)scandinavianbiogas.com
Biokraft is a Nordic greentech company that produces bioenergy and plant nutrition in a circular cycle by recycling organic waste and residual products in large-scale biorefineries. Biogas is CO2-neutral and lowers GHG emissions by over 100% when replacing fossil fuels. Biokraft will build, own and operate large-scale biogas plants with a focus on the Northern European market. Today there are facilities in Sweden, Norway and Korea. Biokraft has just over 110 employees and had total revenues of SEK 407 million in 2022. The company is listed on the Nasdaq First North Premier Growth Market. The Certified Adviser is Erik Penser Bank AB. www.biokraft.com