Russian Billionaire's Power Machines Wins Lawsuit Against PetroVietnam
Russian Billionaire's Power ...
Subscribe to Newsletter

Russian Billionaire's Power Machines Wins Lawsuit Against PetroVietnam

12 February 2024
3667
2 min.
3
Russian Billionaire's Power Machines Wins Lawsuit Against PetroVietnam

Power Machines Prevails

In a recent legal victory, Power Machines, a prominent Russian, manufacturer of power equipment under the stewardship of billionaire Alexey Mordashov, emerged triumphant in a dispute against PetroVietnam, the state-owned oil giant. The spokesperson for Mordashov announced this significant win on Monday, choosing not to divulge specific details at this time.

According to reports from Russia's RBC daily, sources suggest that discussions are underway regarding a substantial compenstation of approximately $500 million to be awarded to Power Machines. The genesis of this legal battle stems from a project initiated in Vietnam, where Power Machines had invested considerable resources towards the construction of a power plant. However, this endeavor was abruptly halted in 2018 when Power Machines found itself ensnared in U.S. sanctions.

Taking the matter to court, Power Machines filed a lawsuit in Singapore seeking restitution for its investments. Their perseverance paid off when the court ruled in their favor in November of last year, marking a significant milestone for the Russian conglomerate.

While expressing contentment with the court's decision, the spokesperson emphasized the confidentiality surrounding the terms of the ruling, which prevents disclosure from either party at this juncture. Despite attempts to solicit comments from PetroVietnam during the Lunar New Year holiday, no immediate response was forthcoming.

Furthermore, it has come to light that Power Machines has extended its legal pursuit by filing an additional lawsuit in a Moscow court on Feb. 2 against both PetroVietnam and its representative in Russia. However, the specifics of this latest legal action remain undisclosed, adding an air of intrigue to the unfolding narrative.

Persons1 and Companies2 in the news

Russian businessman
1 place
The RBC Group
1 place
Section:
Source foto:
flickr.com

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8126603728
Died this year
23821530
Born this year
58605180