Subject matter: Whether an award was based on matters not submitted by the parties to the arbitrators.
Finding: The arbitral tribunal’s reasons constituted a legal qualification of the circumstances invoked by a party in the course of the proceedings, and not a matter which had not been submitted by the parties to the arbitrators.
Applicable law: The Swedish Arbitration Act of 1929
Excerpts below are an unofficial translation of the proceedings in the Västerås District Court and the Svea Court of Appeal.
In August 1990, Länsförsäkringar Bergslagen-Wasa ömsesidigt (”Länsförsäkringar”) – an insurance company - entered into a consortium agreement with five other parties for the purpose of investing in the Swedish company PKD. The initiative for the investment came from Rolf Gustafsson, who was one of the other five investors.