News
Michael Cherney US $4 Billion Legal Case against Deripaska to Proceed in England
LONDON-(Business Wire)-July 3, 2008 - The High Court has today confirmed that Michael Cherney can pursue his claims against Oleg Deripaska in England.
Mr Cherney is suing Mr Deripaska in relation to an agreement made between them in London in March 2001. In the proceedings, Mr Cherney seeks to establish that Mr Deripaska holds assets including 20% of the shares in Russia's largest aluminium producer, Rusal, on trust for him and an order requiring Mr Deripaska to sell these shares and pay Mr Cherney the proceeds. The claim is valued at in excess of US 4 billion.
Mr Deripaska denies he ever entered the agreement in question but, after reviewing the evidence and hearing arguments from both sides, the Judge was persuaded that at this stage Mr Cherney had much the better side of the argument on this.
The Judge rejected Mr Deripaska's argument that the claim should be heard in Russia. The Judge ruled that there was a significant risk that Mr Cherney could not get a fair trial in Russia and so in the interests of justice the proceedings should continue in England.
Mr Cherney is delighted that his claims against Mr Deripaska can proceed in London.
Ends
Any media enquiries should be directed to Alan Hamerman of Bell Pottinger on +44 20 7861 8593 or +44 7836 621 642 or ahamerman@bell-pottinger.co.uk
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