Alexey Mordashov - The billionaire’s Power Machines was awarded more than US$500 million, RBC news site reported earlier Monday, citing an unidentified source. - Bloomberg
HANOI (Bloomberg): Alexey Mordashov’s power-generation equipment maker won a claim against Vietnam Oil & Gas Group for a power plant that wasn’t completed in the South-East Asian nation, a spokesman for the businessman said in a message, adding the terms of the decision couldn’t be disclosed at the time.
The billionaire’s Power Machines was awarded more than US$500 million, RBC news site reported earlier Monday, citing an unidentified source.
The equipment maker took legal action against the state-owned giant known as PetroVietnam and its affiliate, PetroVietnam Technical Services Corp., in the Singapore International Arbitration Centre in 2019 to reclaim about US$600 million that the Russian company invested for the construction of a plant in southern Vietnam.
Work on the project was halted in 2018 after Power Machines earlier that year fell under US sanctions related to Ukraine and was unable to supply the needed Western equipment for the plan because of it.
Power Machines is satisfied with the court’s ruling, the businessman’s representative said in the message. Repeated calls to PetroVietnam officials went unanswered during the Tet Lunar New Year holiday week.
Law firm Rybalkin, Gortsunyan, Dyakin & Partners, which represented Power Machines in the court, and Singapore International Arbitration Centre both declined to comment.
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