Italian chocolate maker Ferrero said last Wednesday that a top Ukrainian court upheld a previous ruling canceling the trademark of its round Raffaello chocolate in Ukraine in a case that was closely watched for its implications for foreign investments in the country. The court decision opens the way for the marketing of a rival praline launched in the country by a former Russian importer of Ferrero products. "Today's negative outcome of the case is only going to encourage third parties to take advantage of the hard-earned reputation and know-how of foreign investors in Ukraine," the $8.08 billion confectionery group said in a statement. Representatives of the U.S., Italian and European Union embassies, who have closely monitored the case, attended the hearing on Wednesday. "The case is very important for foreign investors because the court system in Ukraine is one of the key challenges for the business community in the country," said Anna Derevyanko, executive director of the European Business Association, which represents more than 750 businesses in Ukraine.

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