Russian Court Rules To Keep Money On Frozen Accounts Of Swiss Sulzer's Subsidiary

A court in Moscow ruled on Thursday to keep frozen the funds of Sulzer Turbo Services Rus, a subsidiary of Swiss industrial concern Sulzer, to recover losses from the company due to its decision to leave the Russian marke

MOSCOW (UrduPoint News / Sputnik - 16th March, 2023) A court in Moscow ruled on Thursday to keep frozen the funds of Sulzer Turbo Services Rus, a subsidiary of Swiss industrial concern Sulzer, to recover losses from the company due to its decision to leave the Russian market.

In 2017, Russian energy company T Plus signed an agreement with Sulzer Turbo Services Rus worth 84 million Euros ($89.1 million) and 3.4 billion rubles for the maintenance of gas turbines and other equipment in a number of power facilities in Russia. The contract was valid until the end of 2035. In May, Sulzer said it was leaving the Russian market and announced the immediate sale of its assets. T Plus went to court and asked to recover losses of more than 698 million rubles and more than 2.

2 million euros.

T Plus noted that "the actions of all companies of the Sulzer group, including the defendant, are unfriendly," and the sale of property and the reduction of business in Russia "creates a high probability of a complete stoppage of the defendant's activities and the threat of its insolvency."

Russia's Renova Group, owned by Russian businessman Viktor Vekselberg, held 63.42% of Sulzer shares before the United States imposed sanctions against the businessman in 2018. Then, this share dropped to 48.83%. At the end of 2021, Vekselberg also owned 39.59% of T Plus shares and was the majority shareholder of the company.