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29 March 2012 |
Dispute resolution group of VEGAS LEX provided 6.5 million euro debt return for VITKOVICE POWER ENGINEERING
On March 22 the Dispute Resolution Group of VEGAS LEX law firm defended the interests of VITKOVICE POWER ENGINEERING in a major dispute with the JSC "BINBANK" regarding the return of the debt under the bank guarantee amounting to more than 6.5 million euros.
In June2011ourclientVITKOVICE POWER ENGINEERING* filed a claim with theMoscow Arbitration Courtto recover the debt from theJSC "BINBANK".A bank guarantee, issued by the JSC "BINBANK", secured areturn ofan advanceby oneof the subcontractors of VITKOVICE POWER ENGINEERING during the construction of a coke-ovenbattery on the territory of thelargestmetallurgicalenterprises in Russia.The courtsof twoinstances rejected our Client's claim on the basis of lack ofviolations from thesubcontractor's side related to the return of the advance for unfinished work and secured by the bank guarantee.In addition, the courts declared the guarantee null due to the failure to put it in writing: as the bank guarantee was issued in the name of VITKOVICE POWER ENGINEERINGby sending an electronicmessage (in theinterbankSWIFT telecommunications system) to the corresponding bank of our client.
On March 22 the Federal Arbitration Court of Moscow District called off the decision and the ruling of the lower courts and ordered to recover from the JSC "BINBANK" in favor of VITKOVICE POWER ENGINEERING the amount of the claim in full.
The case was led by highly skilled specialists of Vegas Lex - Kirill Trukhanov, Head of Dispute Resolution Group, and Alexander Trushkov, Senior Attorney.
VITKOVICE POWER ENGINEERING - is the Czech energy and construction largest company specializing in the production of thermal energy, nuclear power equipment in the steel industry.
It has been a Customer of VEGAS LEX since 2010.
Foradditional informationabouttheprojectpleasecontactKirill Truhanovat trukhanov@vegaslex.ru
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