The Jerusalem Post annual conference: 7 Israeli ministers will meet you there!
London High Court returns to Cherney case in £2.3b. trial
ByJONNY PAUL, JERUSALEM POST CORRESPONDENT
July 15, 2012 03:21
The case is about a dispute over a shareholding stake in Rusal, the world’s largest aluminium company.
Court (illustrative) 370

Court (illustrative) 370. (photo credit:REUTERS/Michael Kooren)

LONDON – The High Court in London began hearing evidence last week in a £2.3-billion battle between Israeli tycoon Michael Cherney and Russian oligarch Oleg Deripaska.

The case is about a dispute over a shareholding stake in Rusal, the world’s largest aluminium company.



Be the first to know - Join our Facebook page.


Cherney, who was born in Uzbekistan but now lives in Israel, says he is owed 20 percent of Deripaska’s shares in Rusal after allegedly agreeing to buy his share in the company.

Deripaska, who paid Cherney $250 million as part of an agreement, “vehemently” rejects the claim.

He claims that Cherney was never a business partner and that he imposed “krysha” on him – a Russian term for extortion protection rackets that were prevalent in post-Soviet Russia.

The Russian oligarch says he only paid Cherney the $250 million as protection money, not as a partial payment for a buyout of the shares Cherney alleges he held in the company.

Last year, the High Court ruled that Cherney can give evidence via video link to the London court while a Spanish arrest warrant exists against him.

In 2009, Spain issued a European arrest warrant against him on alleged money-laundering charges.

Cherney accused Spain of “politically motivated behavior” and said he was applying to the European Court of Human Rights to contest the charges.

The trial, which is expected to last a year, will first need to establish whether Deripaska is liable toward Cherney. Only if he is successful will the amount of this claim be considered.
Relevant to your professional network? Please share on Linkedin

Tags:
  • london
  • Uzbekistan
  • Prev Article
    'Cyprus: Lebanese man planned attacks on Israelis'
    El Al airplanes sit on the runway
    Netanyahu, Clinton meet in New York
    Clinton to arrive in Israel to discuss Iran, peace
    Next Article
    Share this article via
    from around the web
    Related Content
    Heidelberg
    February 25, 2017
    One dead, two injured in German car ramming attack

    By JPOST.COM STAFF

    Top Stories
    Israel Weather
    • 10 - 24
      Beer Sheva
      9 - 20
      Tel Aviv - Yafo
    • 12 - 21
      Jerusalem
      10 - 21
      Haifa
    • 13 - 28
      Elat
      10 - 25
      Tiberias