Moscow government's lawsuit against engeneering company dismissed
ST.-PETERSBURG, February 17 - RAPSI. A federal commercial court has upheld lower-court judgments dismissing the Moscow government's claim against Power Machines for terminating an investment contract, the Supreme Commercial Court's reports on its website.
The lawsuit stems from an investment contract entered into by the Moscow government and the Iskra housing society in August 1993. Their project was never implemented.
In March 1996, Iskra assigned its obligations and rights under the contract to Power Machines. In March 2004, the company assigned its rights to Investnyu (Moscow).
Therefore, the court ruled that Power Machines was not party to the contract and dismissed the suit.
Power Machines is a leading integrated power engineering solutions developer and supplier. The company was founded in 2000. It exports equipment to 57 countries.