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Russian billionaire's Power Machines wins lawsuit against PetroVietnam

Published 02/12/2024, 07:09 AM
Updated 02/12/2024, 07:15 AM
© Reuters. FILE PHOTO: Alexey Mordashov, Chairman of the Board of Directors of Severstal, speaks during a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. REUTERS/Maxim Shemetov/FILE PHOTO

MOSCOW (Reuters) - Russian power equipment manufacturer Power Machines, owned by billionaire Alexey Mordashov, has won a claim against Vietnam's state oil firm PetroVietnam, a spokesperson for Mordashov said on Monday, without disclosing details.

Russia's RBC daily, citing an unnamed source, said an award of around $500 million to Power Machines was being discussed.

Power Machines' lawsuit, filed in Singapore, sought to reclaim funds invested for constructing a power plant in Vietnam, a project that was halted in 2018 after Power Machines was placed under U.S. sanctions.

The Russian group won the case in November last year, the spokesperson said.

"Power Machines is satisfied with the court's decision, however the terms of the decision are confidential and can not be disclosed by either side at this stage," the spokesperson added.

© Reuters. FILE PHOTO: Alexey Mordashov, Chairman of the Board of Directors of Severstal, speaks during a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. REUTERS/Maxim Shemetov/FILE PHOTO

PetroVietnam did not immediately respond to a request for comments during the Lunar New Year holiday.

Russian court filings showed that Power Machines also filed a lawsuit in a Moscow court on Feb. 2 against PetroVietnam and its representative in Russia. No details of that lawsuit were disclosed.

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