Austrian court judgment in dispute between HiPP and Sivma not to be suspended
MOSCOW, October 31 - RAPSI, Dmitry Shchitov. A court has dismissed a petition filed by the Sivma baby food producer to suspend an Austrian court's judgment in favor of the Austrian HiPP GmbH & Co. Export KG, the court told the Russian Legal Information Agency (RAPSI).
The court earlier awarded HiPP over 5 million euro in its lawsuit against Sivma.
HiPP was founded by Georg Hipp in 1932. Its sales turnover was roughly 410 million euro in 2008. It operates production enterprises in Germany, Austria, Hungary, Croatia, and Ukraine.
Sivma is engaged in baby food production and sales under the "Babushkino Lukoshko" trademark. It owns a 16,000 square meter warehouse in the Moscow region.
Sivma requested to suspend the execution of the court ruling as it is in poor financial shape and unable to pay the debt. It also said it cannot sell the pledged real estate facilities.
The Supreme Commercial Court ruled to enforce the Austrian court's August 19, 2009 judgment awarding HiPP GmbH and Co. Export KG 5 million euro in its suit against Sivma and Sivma Baby Food. The award was based upon the defendants' default in their contractual obligations under a supply and guarantee agreement.