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German Naval Yards, based in Kiel, Germany, built the Sailing Yacht A – which carries a Bermuda flag – and is owed this amount of money by the proprietor, the company Valla Yachts Limited, based on the Caribbean island.
Valla Yachts Limited is owned by Russian billionaire Andrei Melnichenko.
When his firm did not pay up, German Naval Yards put the case in the hands of a solicitors' firm in Gibraltar, where the craft was moored, and the case is due to be heard in the Supreme Court of the British-owned enclave which borders onto the Spanish town of La Línea de la Concepción (Cádiz province).
Sailing Yacht A is almost 143 metres (nearly 465 feet) long and 25 metres (over 81 feet) wide, making it the biggest in the world.
It is said to be worth around €400m.
NEW legislation aiming to protect the public from telephone scams and cold-calling is under construction, and will attempt to attack it at source by tightening up on commercial use of customers' personal data.
INTEREST rates in the Eurozone could fall to 2.5% next year, having closed August 2024 on 3.75%, according to latest research.
GRANTS of up to €250 are available this year for replacing older air-conditioning units in a bid to encourage greater energy efficiency.
TWO of Spain's largest high-street banks are reported to be in merger talks, potentially resulting in the joint entity being the second-biggest in the country in terms of share capital.