Finnish energy company Fortum.Photo: infoatom.
The Finnish energy company Fortum has initiated a lawsuit in the Netherlands against the Russian company Forward Energo, the former PAO Fortum. This was reported by the Fortum press service . The subject of the case is intercompany loans worth about EUR 600 million, which were previously granted to the company’s Russian subsidiary. Forward Energo is currently in default on all its obligations and has not repaid these loans, which have long since expired.
Fortum claims that the company has not only failed to repay the principal, but also failed to pay accrued interest on all loans. Taking into account the late payments and penalties, the total amount of the claim has risen to €800 million. The exact amount of compensation will depend on the exchange rate between the ruble and the euro and the final amount of interest to be paid.
The civil proceedings will take place in a Dutch court in accordance with the terms of the loan agreements, which provide for the settlement of all disputes under Dutch law. The litigation is expected to last several years.
Fortum: Nordic leader in clean energy
Fortum is a leading Nordic energy company that aims to create a world where business, nature and people develop together. The company is one of the largest and cleanest energy producers in Europe, with ambitious environmental goals. Fortum’s core business includes low-CO2 electricity generation in Scandinavia and the supply of electricity and district heating to residential and business customers.
Fortum is committed to providing a safe and inspiring working environment for its employees, employing around 5,000 people. The company is listed on Nasdaq Helsinki, underlining its sustainable and responsible growth.
