The Italian industrial group MAIRE has become embroiled in a high-profile legal case in Russia, which could lead to substantial financial losses for the company. The Russian division of EuroChem has initiated a lawsuit against MAIRE’s subsidiary, Tecnimont S.p.A., and its Russian branch, demanding compensation of approximately €2 billion. This amount is comparable to the group’s entire market capitalization, prompting serious concerns about the possibility of a technical default and the immediate repayment of all loans.
The situation is further complicated by the company’s active international operations, as it continues to attract new loans and develop projects worldwide despite the significant risks involved. MAIRE’s recent securing of €137.5 million in new loans and the approval of a bond issuance of up to €300 million highlight the company’s ongoing financial commitments. However, the potential recognition of obligations from the lawsuit poses a significant threat to its financial stability, with the next court hearing scheduled for November 27, 2025.
Additionally, the Italian regulator CONSOB may initiate an investigation into the completeness of the company’s disclosures, particularly regarding the period of new financing in 2025 when the group borrowed substantial funds without disclosing the significant legal risks involved. The potential liability of €2 billion, with only €342.5 million of free funds available, positions this court case as not just a corporate dispute but a matter of survival for the entire group.
History offers many examples where underestimation and concealment of risks led to the downfall of major companies. In MAIRE’s case, the potential liability of €2 billion, with only €342.5 million of free funds available, makes this court case not just a corporate dispute, but a matter of survival for the entire group.