Russian billionaire Oleg Deripaska praised the fairness of London’s courts after he fended off an attempt by a former business partner to have him jailed in the UK.
(Bloomberg) — Russian billionaire Oleg Deripaska praised the fairness of London’s courts after he fended off an attempt by a former business partner to have him jailed in the UK.
Deripaska was accused by Vladimir Chernukhin of deliberately putting shares in his holding company out of reach by transferring them back to Russia. But Judge Mark Pelling said Wednesday that Chernukhin had failed to prove that the transfer was a contempt of court.
“Chernukhin’s case collapsed like a house of cards under the scrutiny of the trial,” Deripaska’s spokesman said in a statement. “Mr. Deripaska is glad to see that this time, despite the ongoing frenzy, the UK courts demonstrate independence and choose to rule cases on their merits.”
The metals tycoon, who was separately sanctioned by the UK in March last year for his connections with the Kremlin, was questioned via videolink from Moscow after his lawyers warned that he would have been unable to pay expenses including his hotel bill if he flew to London to give evidence in person.
He denied that he had deliberately breached any agreements over the movement of shares in En+ Group International PJSC, one of the largest Russian conglomerates and the holding company for the top aluminum producer.
Lawyers for Chernukhin didn’t immediately return calls seeking comment.
The London court testimony raked over the events that led to the tycoon giving up control of En+, following US sanctions in 2018. It was an effort orchestrated by Greg Barker, an English aristocrat and former public relations specialist, Deripaska said.
The sell down and transfer of shares is part of a long-running and bitter dispute between the billionaire and Vladimir Chernukhin, whose wife is one of the largest donors to the UK’s Conservative Party. Deripaska paid a $95 million award, but still faced the contempt application.
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