MOSCOW, February 14 - RAPSI. Kurgan Engineering Plant dropped on Tuesday its lawsuit against Rosoboronexport (Defense Export Corporation) to recover $55 million, the Russian Legal Information Agency (RAPSI/rapsinews.com) reported from the courtroom.

The Moscow Commercial Court has accepted the withdrawal notice and closed its proceedings. The plant's representatives were absent at the hearing and the defendant declined to comment.

The plaintiff manufactures military equipment and multipurpose utilities construction machines. Its net profit for January-September 2011 amounted to 67.2 million rubles ($2.3 million) while in the same period of 2010 its net losses reached 281.9 million rubles ($9.4 million).

Rosoboronexport, the state intermediary agency for export and import of military and dual-purpose products, technologies and services is a world leader on the weapons market. It accounts for 80 percent exports of the Russian military hardware.