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Russian Billionaires in dispute over USD 1bn stake

in International Business

Russian Billionaires in dispute over USD 1bn stake

The Russian Oligarch Oleg Deripaska is alleged to owe 13.2% stake in Rusal, the world’s biggest aluminum producer, to Michael Cherney.

Mr. Cherney claims that they signed a document in 2001 in London and made a verbal agreement over ownership of the Rusal stake, something Mr Deripaska denies.

Mr Deripaska acknowledges he paid $250m to Mr Cherney but says it was to settle another business matter.

The case is expected to take months to hear, calling some 70 witnesses, with Ukrainian-born Mr Cherney giving evidence from his home in Israel via video link.

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Oleg DeripaskaRussia billionaire

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