Arbitration court rules Vostochnaya Verf Shipyard to pay a penalty of RUB 218 million to the Ministry of Defense
The Moscow Arbitration Court partially satisfied the claim of the Russian Ministry of Defense against Vladivostok based Vostochnaya Verf Shipyard. According to the court’s ruling the shipbuilding company will have to pay more than RUB 218 million as forfeit to the Defense Ministry, with the initial claim sum exceeding RUB 494.16 million. The decision of the arbitration court of June 29 was published in the file of the court on July 14, 2023.
“The claim is partially satisfied, the counterclaim is denied,” the court materials said.
The Ministry of Defense demanded to recover a penalty under the SContract dated September 1, 2014 for the construction of a small tonnage sea tanker of Project 03182. The contract was valued nearly RUB 6.2 billion. The shipyard pledged to deliver the vessel by November 25, 2021, but failed. In this regard, in October 2022, the Ministry of Defense filed a claim with the arbitration court. The judges agreed with the violation of the terms of construction of the vessel, but at the same time granted the request of Vostochnaya Verf to reduce the penalty due to the recalculation of penalties at the rate of the Central Bank that was in force at the time of the trial.
Vostochnaya Verf Shipyard (former Vladivostok Shipbuilding Plant, Shipyard No. 602) is one of the leading shipbuilding enterprises in the Primorsky Krai and the Far East of Russia. It has been executing shipbuilding contracts since 1952. In 1994 the shipyard wend public and formed as a joint stock company Vostochnaya Verf. Now the company specializes in the construction of warships, supply vessels and mooring points for the Pacific Fleet and the Russian Federal Security Service. Since January 2020, Vostochnaya Verf has been the only enterprise of the military and industrial complex in the Far East - a resident of the Free Port of Vladivostok, implementing an investment project based on the existing enterprise. JSC Vostochnaya Verf is capable of executing a full scope of work for the construction of ships and vessels with LOA up to 120 meters, breadth of 16 meters, height of 25 meters and displacement of up to 3,500 tonnes.
In January 2023, Vostochnaya Verf filed for insolvency with Primorsky Territory Arbitration Court.
