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Court upholds $11.2 mln award from major shipyard

11:16 19/12/2011

MOSCOW, December 19 - RAPSI, Dmitry Shchitov. A federal commercial court has turned down the Severnaya Verf's (Northern Shipyard) appeal against the lower court's decision to recover $10.3 million from the shipyard, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).

The shipyard sought to revoke the Ninth Appellate Commercial Court's October judgment upholding the Moscow Commercial Court's July decision in the lawsuit of the Federal Agency for Legal Protection of the Results of Intellectual Activity with Military, Special and Dual Purposes. Then the court ruled to recover 201.71 million rubles ($6.89 million) in license payment, 85.83 million rubles ($293 million) in penalty and the fine amounting to 40.34 million rubles ($1.38 million).

The debt is recovered under a license agreement between the agency and the shipyard for the right to use certain R&D results. The shipyard should have paid for intellectual property not later than December 27, 2007, but defaulted.

Severnaya Verf is a leading shipbuilding enterprise, primarily engaged in the construction of naval ships and commercial vessels.

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Court upholds $11.2 mln award from major shipyard

11:16 19/12/2011 A federal commercial court has turned down the Severnaya Verf's (Northern Shipyard) appeal against the lower court's decision to recover $10.3 million from the shipyard.
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