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Dispute regarding payment settled

Dispute regarding payment settled

Dispute regarding payment settled
22 February 2017 - 02:00 - Update: 22 February 2017 - 13:03


The dispute over the payment of the "Sailing Yacht A" was settled on Feb 21. The lawyers of the Russian owner Andrey Melnichenko agreed with those of the Nobiskrug shipyard from Rendsburg. The arrest of the "Sailing Yacht A" could be lifted accordingly. After two-day negotiations in Gibraltar, the attorneys of Andrey Melnichenko and the Nobiskrug shipyard agreed on the disputed points in the handling of the contract for yacht. 9.8 million Euro, which had been transferred by the owner to a special trust account, will become a cash collateral, which may be transferred by the lawyers of both parties only at the order of the court in Gibraltar. The deal focused on the remaining requirements of Nobiskrug totaling 15.3 million Euro. In addition, the yacht owner pays 5.4 million Euros as well as another around four million Euros to an account of the lawyers of the Nobiskrug shipyard. The Supreme Court in Gibraltar will decide on the payment after further examination. Thus, the Court of First Instance was reportedly following the arguments of the shipyard. When the money has arrived in the accounts, the crew of the "Sailing Yacht A" may leave Gibraltar. Officially neither representatives of the owner nor the shipyard expressed their opinion. However, a spokesman for the owner Andrey Melnichenko had already announced on Feb 20 that the case would be resolved during the course of the week. The yacht is said to have cost 400 million Euros. Originally, the owner wanted to bunker fuel in Gibraltar and then start the test of the sails off the Spanish Mediterranean coast. This can now start on Feb 23. However, the negotiations for the conclusion of the construction contract continued. Only when all remaining points of the procedure have been worked out and the owner takes the ship, the payment of the money, which is now deposited in Gibraltar, may take place. However, this process can still take months. The shipyard now has the assurance that the outstanding sums are actually deposited.    

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