Russian Billionaire's Power Machines Wins Lawsuit Against PetroVietnam
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Russian Billionaire's Power Machines Wins Lawsuit Against PetroVietnam

12 February 2024
2 min.
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.

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