The London High Court’s biggest and bloodiest corporate dispute between three Ukrainian oligarchs, was settled yesterday in a deal likely to have involved a payment of more than $1.3 billion to Viktor Pinchuk, the billionaire donor to Bill Clinton and Tony Blair.
The last-minute confidential settlement was agreed on Friday — just before the eight-week trial was due to begin on Monday.
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Mr Pinchuk had been suing two fellow Ukrainian oligarchs Gennadiy Bogolyubov and Igor Kolomoisky, around ownership of a privatised state iron ore mine, Krivorozhskiy Zhelezorudnyy Kombinat (KZhRK)
Pinchuk claimed he paid two former partners $143 million (£100million) to acquire the mining company on his behalf but never received it. Pinchuk was claiming £1.3 billion ($1.86 billion) in damages.
Pinchuk famed for bankrolling a private army from his home in Geneva to fight Russian-backed forces. He is married to the daughter of the former Ukrainian president Leonid Kuchma. He hosts an annual conference in Ukraine at which Blair and Hillary and Bill Clinton are regular attendees, and also owns a contemporary art gallery in Kiev.
In 2010, Pinchuk was reported to have spent more than £4 million on a 50th birthday party in the French ski resort of Courchevel.
After Oligarch Boris Berezovsky losing $6.5 billion lawsuit against Roman Abramovich, the owner of Chelsea football club, over former state assets, in 2012, many disputes have been settled just before trial.
The same year late Mr Berezovsky settled another lawsuit on the eve of trial against the estate and family of Georgian Badri Patarkatsishvili, his late business associate.
More settlements have included the case of Oleg Deripaska and Michael Cherney, two former associates, who reached an out-of-court settlement in a case concerning a $1 billion stake in UC Rusal, the world’s biggest aluminium producer.
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