Molly English-Bowers Dec. 29, 2015, 2:12pm


HOUSTON -- A business based in Luxembourg is suing two maritime companies, alleging failure to pay for two ocean-going vessels.

SVM Holding of Luxembourg filed a lawsuit Sept. 8 in the Houston Division of the Southern District of Texas against Nexus Maritime Services and Palau International Ship Registry. 

According to the complaint, on May 16, 2014, SVM loaned Nexus $12.3 million in U.S. dollars with repayment due in a year. Nexus used the money to purchase two vessels, the suit says. In addition to not repaying the loan, the plaintiff alleges Nexus renamed the vessels and deleted them from their prior registry, registering them instead with the Palau Registry.

In order to protect SVM's interests, the suit says, the company applied for and received a preliminary order on application for emergency relief that ordered Nexus to transfer ownership of the vessels. 

The complaint says that order was also sent to Palau Registry, which informed the plaintiff the vessels may be deleted from their and transferred to a Russian registry. SVM then sought a second interim order to prevent these actions.

SVM Holding seeks recognition and enforcement of the original and interim orders and wants to ensure Nexus will not dispose of the vessels—SVM's only assets--that the Palau Registry will not transfer the vessels' registration records, plus other relief the court deems appropriate. It is represented by attorneys Dimitri P. Georgantas and Eugene W. Barr of Chaffe McCall LLP in Houston.

Houston Division of the Southern District of Texas Case number 4:15-cv-02581

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