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Billionaire Sues over Yacht Coatings

Wednesday, October 9, 2013

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Unhappy with the paint job on his mega-yacht, a Russian billionaire is taking AkzoNobel to court, seeking $100 million in a claim of unsatisfactory work.

Andrey Melnichenko is suing the coatings giant for £62 million ($100 million USD) in damages, alleging that the company's paint job on his £200 million yacht left paint "running," with coating separation causing "lines and sags" and a "cloudy" finish coat, the Daily Mail reported.

Andrey Melnichenko
Wikimedia Commons

Russian billionaire Andrey Melnichenko is suing AkzoNobel for allegedly botching the paint job on his mega-yacht.

Melnichenko commissioned Dutch paint company Dulux, owned by AkzoNobel, to paint his 391-foot luxury yacht, named 'A' after Melnichenko's wife Aleksandra. The mega-yacht has 23,600 square feet of living space, six guest suites, and a dance floor with a glass ceiling.

Damages, Rental Yacht

The company reportedly repainted the vessel at its own cost, but still unimpressed, Melnichenko opted to take legal action.

The 41-year-old billionaire's claim, filed in a New Jersey court, includes the £15 million cost of correcting the paint job plus a monthly £2.5 million fee to hire a replacement yacht for the 18 months it will take for his to be repainted, media reports stated.

According to the Daily Mail, court documents state, "In addition to attorney's fees and costs, these damages represent over $100 million in ascertainable losses on the part of the plaintiff."

mega yacht A
Wikimedia Commons / MatthiasKabel

The 391-foot yacht features six guest suites and a bullet-proof master suite. In addition to alleged damages, Melnichenko is suing for costs to cover 18 months of renting a replacement vessel.

Jeroen Pul, Communications Manager for AkzoNobel North America, said the company did not comment on ongoing legal cases, but confirmed Tuesday (Oct. 8) in an email to PaintSquare News that the company was defending the case.

The yacht costs more than £12 million to maintain per year. Its master bedroom, which is only accessible via a fingerprint recognition system, features bomb-proof glass and a rotating king-size bed.

Melnichenko, whose net worth is approximately £9 billion, starting building his fortune in 1993 when he cofounded one of Russia's largest private banks, MDM Bank. He also acquired the Siberian Coal Energy Company and the chemical company Eurochem, in addition to being one of the founders of TMK, Russia's largest pipe exporter, according to Forbes.

   

Tagged categories: AkzoNobel; Dulux; Lawsuits; Marine Coatings; Shipyards

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