Court throws out case for damages against RWE

A court has dismissed a case made by Russia's Sintez against Germany’s second largest utility, RWE.
Ex-CEO of RWE Jürgen Grossmann
The Russian holding company was seeking in the region of $764m after the German energy company pulled out of jointly acquiring another Russian power firm back in 2008.

However, the court did allow charges against RWE's former CEO Jürgen Grossmann (pictured) in connection with the deal to acquire TKG-2.

RWE intended to enter Russia's electricty market when Grossmann ran the company between 2007 and 2012. But it pulled out of the strategic partnership with Sintez in 2008, in the wake of the global financial crisis. Sintez charged that RWE's unilateral action resulted in huge costs for the holding company, threatening its financial viability.

Sintez, one of the largest privately-owned companies in Russia, is held by Russian oligarch and politician Leonid Lebedev. He already lost the same case against RWE in a London arbitration court. The Essen court ruling can be appealed.

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