The Russian court decided to seize the funds of a subsidiary of Hyundai
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Provisional measures have been imposed on the funds of Hyundai’s Russian subsidiary Hyundai Engineering Rus LLC. This decision was made by the Arbitration Court of St. Petersburg and the Leningrad Region.
The court decision was made after a lawsuit was filed against Hyundai Engineering Rus LLC by StroyTechImport from St. Petersburg. This company was going to recover from Hyundai Engineering Rus LLC the debt under the contract for the construction of the Hyundai Wia engine plant in St. Petersburg, as well as interest. The amount of the claim amounted to about 16 million rubles.
In October 2022, StroyTechImport applied to the court with a request to impose interim measures on this amount of the defendant’s funds. The plaintiff considered that the company could leave Russia. The court agreed with the plaintiff’s arguments.
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