**Russian Power Machines Wins $500 Million Claim Against PetroVietnam**
Russian power equipment manufacturer, Power Machines, owned by billionaire Alexey Mordashov, has emerged victorious in a claim against PetroVietnam, the state oil firm of Vietnam. Discussions are underway for an award of approximately $500 million for Power Machines, according to a spokesperson for Mordashov.
The lawsuit, filed in Singapore, aimed to recover the funds invested by Power Machines for the construction of a power plant in Vietnam. The project was halted in 2018 after Power Machines became subject to U.S. sanctions.
The Russian group successfully won the case in November of last year. While the terms of the decision remain confidential, a spokesperson for Power Machines expressed satisfaction with the court’s ruling.
In addition to the Singapore lawsuit, Power Machines has also filed a separate lawsuit in a Moscow court on Feb. 2 against PetroVietnam and its representative in Russia. No details about this lawsuit have been disclosed at this time.
This legal victory is expected to greatly benefit Power Machines, a reputable Russian company in the power equipment industry.
Analyst comment
Positive news. The market can expect an increase in business opportunities and profitability for Power Machines, as the $500 million award will provide a substantial boost to their financial position and overall performance in the power equipment industry.
