STLC sued in London 220 million euros for the ferries seized by the Norwegian customer
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“We expect that this money will go to the accounts of foreign structures of STLC in the coming months. This is an illustrative case when even foreign courts do not support such behavior of former partners,” Dietrich emphasized. A Vedomosti source close to STLC specified that the amount of 220 million euros includes the cost of the lead vessel, which was transferred to the customer before the imposition of sanctions against the Russian company, and the amount of funding provided by STLC subsidiaries for three serial vessels.
STLC ordered the construction of four ferries for Norwegians – Capella, Castor, Polaris, Pollux – at the Turkish shipyard Tersan Shipyard, located near Istanbul, back in 2019. The length of each ship is 124 m, width – 22 m, draft – 5.2 m, the ferry can take on board more than 600 passengers. All four vessels are equipped with LPG hybrid engines and batteries. In the future, hydrogen fuel can be used on ships.
Hong Kong’s GTLK Asia (a subsidiary of STLC) invested 171 million euros in the construction of two of them. The construction of two more vessels was financed by another company of the group – the Irish GTLK Europe DAC. The lead ship was handed over to the customer at the end of 2021, the entire series was to be built by mid-summer 2022. The first two cruise ferries serve the Norwegian Bergen-Kirkenes water line.
After the start of Russia’s NWO in Ukraine, STLC, together with its subsidiaries based in Europe and Asia, fell under US, UK and EU sanctions. As a result, the leasing company had to take organizational measures to protect foreign assets. For example, STLC aircraft were re-registered from foreign registries to the Russian one. And some of the aircraft that were ordered for foreign airlines have stopped flying, as these carriers cannot use the property of companies under sanctions.
Since May 31, 2023, the Irish GTLK Europe DAC and GTLK Capital DAC have been in the process of liquidation by the decision of the Irish court, reported STLC. The powers of asset management were transferred to the liquidators, who will sell the property of companies for subsequent settlement with creditors, including holders of Eurobonds. At the time of the introduction of blocking sanctions by the US, EU and UK in 2022, which led to the actual freezing of their business and accounts, these two European companies accounted for about 30% of the assets of the STLC group, the lessor reported.
In April 2022, the Norwegian government demanded that the shipping company Havila Voyages terminate leasing agreements with STLC subsidiaries within six months and re-register assets to new owners not associated with the Russian lessor. Vessel insurance was also issued through GTLK Asia, the operator was obliged to conclude new contracts.
“Our vessels are not under sanctions and do not violate existing rules. However, some partners of the company are sure of the opposite. To avoid misunderstandings, we will have to get rid of the contract with the compromised financial company and change the insurer,” Bent Martini, CEO of Havila Voyages, commented on the situation.
In May 2023, the Norwegian media said that due to sanctions, Havila could not get the third and fourth vessels of the series – this requires licenses to finance the project from the EU and the USA. Both ferries have been completed and are in the waters of the Turkish shipyard, as the construction costs and the cost of storing the vessels have not yet been paid.
Dietrich claims that the Scandinavian partners initially refused to compensate for the cost of ships and lease payments. “When STLC and its subsidiaries were included in the sanctions lists, Havila said that it would not give up the first ferry and would not pay for it, and they simply took the second, promising the Turks to make the final payment. The shipyard never received any money for its work,” he says.
Vedomosti sent a request to Havila.
Yury Fedyukin, managing partner of the law firm Enterprise Legal Solutions, notes that the parties can agree on the transfer of the leased asset to the lessee, but only by mutual agreement of the parties to the agreement and by a court decision authorized to resolve disputes between the parties to the agreement.
“If this is not provided for by the leasing agreement, the lessee does not have the right to unilaterally declare the transfer of ownership of the leased asset even if compensation for its value is paid to the lessor. The latter is recognized as the legal owner, and the right of ownership is confirmed at least by the leasing agreement itself,” the lawyer said.
But it will be difficult to get even the STLC funds sued in London. Forward Legal lawyer Evgeny Zubkov noted that it is impossible to seize property from a Russian sanctioned person without paying compensation. But payments in favor of persons subject to restrictions (companies of the STLC group. – Vedomosti) are expressly prohibited by the sanctions legislation. “The way out in such a situation is to make a payment to a blocked account, from which the sanctioned person, after obtaining the necessary permits or lifting the sanctions, will be able to withdraw money,” the lawyer says.
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