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Court upholds cancellation of Siemens’s turbine arrest claim

MOSCOW, Mar 14 (PRIME) -- The Ninth Arbitration Court of Appeals upheld on Wednesday an earlier court decision to turn down a claim by a Russian affiliate of Siemens to arrest four turbines sent to Crimea.

Siemens said in July 2017 that all the four turbines meant to be used on a Russian power plant on the Taman Peninsula were illegally shipped to Crimea, forcing it to cancel its licensing agreements to sell power equipment to Russian firms and suspend the current agreements with state-run companies.

Later Siemens and its Russian affiliate Siemens Gas Turbine Technologies filed claims against subsidiaries of Russian industrial holding Rostec, JSC Technopromexport and LLC Technopromexport, seeking to void the delivery contract. The case was dismissed by the Moscow Arbitration Court on January 10, Siemens contested the decision and the hearing of this claim is scheduled for April 9.

The sum of the deal is unknown. According to earlier reports, Rostec’s affiliate JSC Technopromexport resold the equipment to LLC Technopromexport for 152.4 million euros.

End

14.03.2018 13:03
 
 
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