Major engineering company sues Vietnamese assembly corporation for $43 mln
ST. PETERSBURG, November 21 - RAPSI. A major Russiam engineering company has filed a $43.28 million lawsuit against a Vietnamese equipment assembly corporation, the Moscow Commercial Court reported.
Power Machines is the St. Petersburg-based leading Russian producer and supplier of integrated solutions for the power-plant industry, including engineering, production, supply, assembly, service and equipment upgrades for thermal, nuclear, hydraulic and gas-turbine power plants.
The Power Machines seeks to recover a debt for a contract signed in 2003. The Moscow Commercial Court has sided with Power Machines' petition for an interim relief in the lawsuit against the Vietnamese corporation. The court prohibited VTB Bank on November 16 to effect a guarantee payment under the guarantee issued by the bank inAugust 2003 to secure Power Machines' liabilities to the Vietnamese corporation.
The Court of Hanoi is now hearing the Power Machines' lawsuit against the Vietnamese corporation to terminate the equipment supply contract. The Russian company also claims $43.28 million in compensation. The Power Machines unilaterally suspended the contract last July.