Latest news with #contracttermination
BBC News
a day ago
- Sport
- BBC News
Hibs sever ties with Tavares
Jair Tavares has had his Hibernian contract terminated a year early and the 24-year-old winger is now a free agent. (Pedro Morais on X), externalRead the rest of Saturday's Scottish gossip.
Reuters
18-06-2025
- Business
- Reuters
Samsung Heavy says $3.54 billion icebreaker orders from Russia's Zvezda cancelled
SEOUL, June 18 (Reuters) - South Korean shipbuilder Samsung Heavy Industries ( opens new tab said on Wednesday that two orders from Russia's Zvezda worth a total of 4.85 trillion won ($3.54 billion) for icebreaker ships were cancelled due to "illegal termination by the shipowner". Samsung Heavy said in regulatory filings that in June 2024, Zvezda shipyard unilaterally informed the South Korean company of the contract termination and insisted on the return of advance payments. In July, Samsung filed an arbitration request with the Singapore arbitration court to affirm the illegality of the termination, while engaging in negotiations with Zvezda. However, as the war between Russia and Ukraine dragged on, uncertainties over contract execution and business increased, and Samsung Heavy decided to terminate the contract and claim damages to protect its rights, it said. The orders were to supply parts and blocks for 10 icebreaker LNG carriers and 7 icebreaker shuttle tankers, won in 2020 and 2021. ($1 = 1,370.3800 won)
