Represented BUAB Ranga-IV in a legal dispute against NUKEM Technologies GmbH

17
03 / 15

TGS Baltic successfully represented BUAB Ranga-IV in a legal dispute against NUKEM Technologies GmbH regarding relationships arising out of the Contract for Construction (FIDIC) of the Temporary Nuclear Fuel Storage (B1) of the Ignalina Nuclear Power Plant.

A number of statements of claim were filed against the respondent Nukem Technologies GmbH concerning termination of the Contract, invalidation of set-off agreements and agreements on assignment of rights of claim, award of debt and compensation, indemnification for damages, and demanding to stop illegal management of an item by persons not entitled to do so.

The court of first instance passed a judgment in favour of the bankrupt company and ordered the respondent to pay EUR 4.8 million.

In the appellate proceedings, the parties reached a settlement agreement by which NUKEM Technologies GmbH undertook to pay compensation to BUAB Ranga IV and its creditors.

UAB Ranga IV was one of the largest construction companies in Lithuania. The company implemented many business projects such as the Europe shopping centre, the Vilnius City Municipality building, the K tower in Klaipėda and others.